EUR/USD Attempts to Clinch 1.1500 Ahead of ADP

EUR/USD Attempts to Clinch 1.1500 Ahead of ADP

4 May 2016, 13:41
Roberto Jacobs
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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).


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