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EUR/USD slips to 1.0580, focus on ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - Sellers keep alive their pressure on the single currency today, with EUR/USD trading in the vicinity of the 1.0580 area.

    EUR/USD depressed after CPI

    Hopes of further easing by the European Central Bank at its meeting tomorrow keep weighing on EUR in response to disappointing inflation figures in the region, where headline CPI rose 0.1% on a year to November and Core CPI gained 0.9% YoY, missing initial estimates.

    Ahead in the session, the greenback will take centre stage in light of the publications of November’s ADP report (190K exp.), the speech by Chairwoman J.Yellen and the Fed’s Beige Book.

    EUR/USD levels to watch

    As of writing the pair is losing 0.40% at 1.0588 facing the next support at 1.0519 (low Apr.13) en route to 1.0500 (psychological level) and then 1.0456 (2015 low Mar.16). On the other hand, a break above 1.0805 (monthly lows May and July) would expose 1.0829 (high Nov.12) and then 1.1013 (55-day sma).
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