EUR/USD climbs further despite US ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD advanced to fresh daily highs despite the release of slightly better than expected US ADP employment report.

    ADP reported US private sector added 205K new jobs in January, beating expectations of 195K, while, December reading was upwardly revised to 267K from 257K previously estimated.

    The ADP report gains relevance ahead of the Government nonfarm payrolls report to be published on Friday. Despite the somewhat upbeat reading, the dollar weakened across the board following the release amid dovish comments from FOMC member Dudley.

    EUR/USD rose above the 100-day SMA and reached a fresh 2-week peak of 1.0975 in recent dealings. At time of writing, the pair is trading at 1.0966, up 0.44% on the day.

    EUR/USD levels to watch

    As for technical levels, immediate resistances are seen at 1.1000 (psychological level) and 1.1052 (200-day SMA), while supports could be found at 1.0886 (20-day SMA), 1.0809 (Jan 29 low) and the 1.0777/70 zone (Jan 21 & 7 lows).
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