After reaching its highest level since late March above 1.0900 on Tuesday, EUR/USD lost its traction and closed the day in negative territory.
EUR/USD fluctuates in a tight range below 1.0900 on Wednesday. ISM Services PMI and ADP Employment Change from the US will be watched closely by investors. Near-term technical outlook points to a lack of bullish momentum. The pair's near-term technical picture points to a lack of bullish momentum as market focus shifts to macroeconomic data releases from the US. The US Bureau of Labor Statistics reported on Tuesday that the number of Job Openings on the last business day of April stood at 8.
In case the ISM Services PMI disappoints and shows an ongoing contraction in the service sector's activity, the USD could come under a renewed selling pressure and open the door for a rebound in EUR/USD. On the other hand, an upbeat ISM Services PMI could support the USD and limit the pair's upside.
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