EUR/USD tumbles to lows on US data, near 1.1630

• Both factory orders and ISM non-manuf came in above estimates.
• Spot dipped to 1.1630, fresh daily lows.
• Earlier, payrolls came in at 261K vs. 312K forecasted.

The European currency has given away its earlier gains vs. the greenback and is now dragging EUR/USD to the area of session lows in the 1.1630/25 band.

EUR/USD weaker on data

The pair met a bout of selling orders after US factory orders expanded at a monthly 1.4% in September, surpassing prior surveys. In the same line, the key ISM non-manufacturing followed suit, coming in above expectations at 60.1 during last month.

Spot quickly faded the earlier spike to the 1.1690 area after the US economy created fewer jobs than initially forecasted (261K vs. 312K) although the unemployment rate ticked lower to 4.1%, bettering consensus. In addition, average hourly earnings – a proxy of wage inflation – came in flat inter-month and rose 2.4% on a year to October, both readings disappointing investors.

In the meantime, the pair remains on the defensive albeit positive for the week, navigating the lower bound of the range just above the key support at 1.1600 the figure.

EUR/USD levels to watch

At the moment, the pair is losing 0.20% at 1.1635 and a break below 1.1575 (low Oct.27) would target 1.1448 (high Jun.30) en route to 1.1268 (200-day sma). On the other hand, the next up barrier is located at 1.1690 (high Nov.3) seconded by 1.1743 (21-day sma) and then 1.1837 (high Oct.26). Furthermore, FXStreet’s Technical Confluences Indicator (TCI)       is noting an important resistance zone between 1.1690 and 1.1703, where coincide the 10-day sma, recent highs and pivot point.