EUR/USD Attempts to Clinch 1.1500 Ahead of ADP
The single currency seems to be gathering some traction ahead of the NA session today, now lifting EUR/USD to test the 1.1500 neighbourhood.
EUR/USD almost unchanged pre-ADP
After
briefly testing lows near 1.1470, spot moved sideways in a context
still dominated by the buying sentiment around the dollar, while market
participants are warming up in light of the upcoming key releases in the
US docket: April’s ADP, Trade Balance figures, ISM Non-manufacturing
and the EIA’s report.
Data wise in Euroland, poor final Services
PMIs in Germany and the euro area plus miserable prints from EMU’s
Retail Sales are also collaborating with the current downside pressure
surrounding EUR.
EUR/USD levels to watch
The
pair is now losing 0.08% at 1.1489 and a break below 1.1355 (20-day
sma) would aim for 1.1219 (55-day sma) and then 1.1213 (low Apr.25). On
the other hand, the initial hurdle lines up at 1.1615 (2016 high May 3)
followed by 1.1713 (high Aug.24 2015) and finally 1.2110 (2015 high
Jan.2).
