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EUR/USD attempts a recovery to 1.0750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The daily decline of EUR/USD seems to have found some support in the 1.0720 area so far, allowing the current rebound to the mid-1.0700s ahead of ADP.

    EUR/USD looks to ADP, FOMC

    Spot has trimmed some of its early losses, bouncing off yesterday’s lows in the 1.0700 neighbourhood although finding strong resistance near 1.0770, overnight peaks.

    In spite of the current squeeze higher, the pair remains vulnerable in light of the upcoming ADP report and the FOMC minutes in the US economy. Market consensus expects the US private sector to have added 192K jobs during December and the Committee to strike a somewhat hawkish tone later today.

    EUR/USD levels to consider

    At the moment the pair is down 0.04% at 1.0746 and a break below 1.0700 (psychological level) would expose 1.0538 (low Dec.3) and finally 1.0456 (2015 low Mar.16). On the other hand, the next resistance lines up at 1.0842 (55-day sma) followed by 1.0860 (61.8% Fibo of 1.0538-1.1059) and then 1.1040 (200-day sma).
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