EUR/USD choppy around 1.0860 ahead of ADP

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The common currency is alternating gains with losses on Wednesday, taking EUR/USD to the 1.0860 area.

    EUR/USD looks to US ADP report

    Spot trades almost unchanged at the mid of the week around 1.0860, managing to bounce off fresh multi-week lows near 1.0830 posted yesterday and ahead of the upcoming ADP Employment report due later in the NA session. Prior surveys expect the US private sector to have added nearly 200K jobs during last month, underpinning the solid health of the labour market.

    In the meantime, increasing speculations of additional easing measures by the ECB at its meeting next week (March 10) keep weighing on EUR, capping occasional bullish attempts around the 1.0880 area.

    EUR/USD levels to watch

    The pair is now losing 0.04% at 1.0861 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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