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EUR/USD drops to 1.0920 on ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The selling interest around the euro has now returned, pushing EUR/USD back to the area of 1.0920.

    EUR/USD lower on ADP, US data eyed

    The pair has faded the rebound to the mid-1.0900s after the ADP report has (slightly) surprised markets to the upside, showing the US private sector has created 182K jobs during October, surpassing previous estimates at 180K. September’s print was revised lower to 190K from 200K.

    Next on tap will be the Trade Balance figures, ISM Non-Manufacturing and Markit’s Services PMI, all ahead of Chairwoman J.Yellen’s testimony and speeches by Fed members Dudley and Vice Chairman Fischer.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.38% at 1.0921 with the immediate support at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20). On the other hand, a break above 1.1107 (7-month uptrend prev. support now resistance) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1145 (100-day sma).
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