EUR/USD bullish attempt stalled near 1.0880

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency has attempted a bull run to the area of 1.0880, although the up move run out of vigour and prompted EUR\USD to return near 1.0860.

    EUR/USD choppy ahead of ADP

    The pair remains within a 30-pip range for the time being, meandering between 1.0850 and 1.0880 following a positive start in European equities and a context slightly biased towards the riskier assets.

    Absent releases in Euroland today and with crude oil prices so far on the defensive, market participants will closely follow the release of the ADP employment report in the US, with consensus expecting the private sector to have created 190K jobs during February.

    EUR/USD levels to watch

    The pair is now losing 0.02% at 1.0864 and a break below 1.0832 (low Mar.1) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0930 (100-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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