EUR/USD Remains Capped Below 1.1500, US ADP in Focus
pair is seen making minor-recovery attempts in the last hour, with the
bulls striving hard to reclaim 1.15 barrier amid weaker Euro zone macro
data as well as European equities.
EUR/USD fades a downward knee-jerk to 1.1470
Currently, EUR/USD trades -0.08% lower at 1.1480, unable to take-out strong barrier at 1.1500 levels. The European currency continues to move back and forth in a 20-pips narrow range versus the American dollar, keeping the recovery in EUR/USD capped at 1.15 barrier.
The EUR/USD pair remains in a wait-and-see mode heading into the US ADP jobs report, now reversing a brief dip to session lows struck at 1.1470 following the release of weak services PMI readings from Germany and the Euro zone. The major remains undermined as the US dollar remains well bid against its major peers on the back of recent hawkish Fed speaks. The USD index trades 0.10% higher at 93.12, easing from fresh three-day highs scored at 93.28.
Market now await the US employment data, ISM services PMI followed by factory orders data for further USD moves, which may have major impact on the EUR/USD pair.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1509/16 (daily high/ 1h 50-SMA). A break beyond the last, doors will open for a test of 1.1536/50 (daily pivot/ psychological levels). On the flip side, the immediate support is placed at 1.1457/50 (1h 100-SMA) below which at 1.1400/1.1391 (key level/ 10-DMA) could be tested.