EUR/USD weaker, visits 1.0840 on ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The shared currency keeps the negative bias today, with EUR/USD briefly testing fresh lows in the 1.0840 region post-ADP.

    EUR/USD still in red after ADP, attention to Beige Book

    Spot is visiting daily lows around 1.0840 after the ADP report showed the US private sector employment increased by 214K from January to February, surpassing prior estimates at 190K and up from January’s 193K (revised from 205K).

    The pair remains entrenched in the negative territory, coming down from overnight peaks in the vicinity of 1.0880 and eroding yesterday’s gains ahead of the Fed’s Beige Book due later in the NA session.

    EUR/USD levels to watch

    The pair is now losing 0.20% at 1.0846 and a break below 1.0832 (low Mar.1) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0930 (100-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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