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EUR/USD makes fresh lows after ADP report

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD slid to fresh daily lows, but overall remained within its weekly range, following the release of a better-than-expected employment report.

    Automatic Data Processing reported US private sector added 257,000 jobs in December, beating expectations of 192,000, while November reading was downwardly revised to 211,000 new jobs from 217,000 previously estimated. Upbeat data comes before the US Government releases the nonfarm payrolls report on Friday.

    The US dollar strengthened briefly and dragged EUR/USD to a low of 1.0714, although the pair quickly return to pre data levels. At time of writing, EUR/USD is trading at 1.0743, virtually unchanged on the day.

    Next on tap, US data includes factory orders, Markit services PMI and ISM non-manufacturing report ahead of EIA weekly petroleum status report and FOMC minutes in the afternoon.

    EUR/USD technical levels

    In terms of technical levels, next supports are seen at 1.0710 (Jan 5 low), 1.0635 (Dec 1 & 2 highs) and 1.0550 (Dec 2 low). On the flip side, resistances could be found at 1.0772 (Jan 6 high), 1.0824 (50-day SMA) and 1.0900 (psychological level/21-day SMA).
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