The EUR/USD pair held on to its nominal gains above the 1.1800 handle and had a muted reaction to the release of ADP report.
The pair moved little after ADP report showed that private sector employers added 178K new jobs during the month of July. The headline number fell short of consensus estimates but seems to have been negated by an upward revision of last month’s figures, now showing 191K new jobs added during June as against 158K reported earlier.
The ADP report has a mixed track record for predicting official NFPrelease and in absence of any big positive surprise, today’s report did little to provide any immediate respite for the US Dollar bulls and have any meaningful impact on the pair's movement.
Technical outlook
Valeria Bednarik, Chief Analyst at FXStreet writes: "The pair has several relevant highs from August last year at 1.1870, where it stalled today and the immediate resistance, with a break above it favoring additional gains towards 1.1910 in the short term. The weekly low at 1.1785 is the immediate support, with approaches to the level probably attracting buying interest."
