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EUR/USD off highs on US ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD has deflated from daily highs following the auspicious print from US ADP Employment Change.

    EUR/USD eases from highs post-ADP

    The pair’s bull run seems to have lost some vigour after the ADP report showed the US private sector has created 200K jobs during March, bettering the forecasted 194K and up from February’s 205K (revised from 214K).

    Spot keeps its daily upside bias unchanged nonetheless, as the greenback remains unable to revert the generalized offered tone in response to yesterday’s dovish speech by Chairwoman J.Yellen.

    EUR/USD levels to watch

    The pair is now up 0.30% at 1.1328 facing the next resistance at 1.1344 (high Mar.17) ahead of 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the downside, a break below 1.1220 (23.6% Fibo of 1.0820-1.1344) would target 1.1156 (20-day sma) en route to 1.1041 (200-day sma).

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