EUR/USD Cautious Around 1.1200, ECB Eyed

EUR/USD Cautious Around 1.1200, ECB Eyed

2 June 2016, 13:11
Roberto Jacobs

EUR/USD Cautious Around 1.1200, ECB Eyed

The common currency keeps a tight range above the 1.12 handle vs. the greenback today, althogh gains in EUR/USD appear so far limited around 1.1220.

EUR/USD now looks to ADP, ECB

The pair keeps gyrating around the 1.1200 handle today, while the persistent weakness in the US dollar being the exclusive driver behind the ongoing upbeat sentiment.

Next on tap will be the ECB interest rate decision followed by ADP’s employment report. Consensus sees the central bank keeping its rates on hold today, while the US private sector would have added 175K jobs during May.

EUR/USD levels to watch

The pair is now advancing 0.09% at 1.1199 and a break above 1.1246 (high May 23) would expose 1.1252 (20-day sma) and finally 1.1301 (55-day sma). On the flip side, the immediate support lines up at 1.1096 (low May 30) followed by 1.1055 (low Mar.16) and then 1.0820 (low Mar.10).


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