EUR/USD Hits Daily Highs After Disappointing ADP Report

EUR/USD Hits Daily Highs After Disappointing ADP Report

4 May 2016, 14:44
Roberto Jacobs
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EUR/USD Hits Daily Highs After Disappointing ADP Report

EUR/USD moved higher and printed fresh daily highs as the dollar weakened following the release of below expectations US employment data.

According to ADP report, US private sector created 156,000 jobs in April, below the 196,000 expected, while March’s reading was downwardly revised by 6,000.

EUR/USD advanced to a daily peak of 1.1529, from around 1.1500 before the data, but the impact was light as investors attention turns to the Government nonfarm payrolls report due on Friday. At time of writing, EUR/USD was trading at 1.1522, up 0.23% on the day.

EUR/USD technical levels


As for technical levels, immediate supports could be found at 1.1447 (May 2 low), 1.1354/46 (20-day SMA/Apr 29 low) and 1.1297 (Apr 29 low). On the flip side, resistances are seen at 1.1615/20 (May 2 & Aug 25 2015 highs), 1.1638 (100-week SMA) and 1.1712 (Aug 24 2015 high).


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