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5 Mar 2014
EUR/USD wavers after ADP report
FXStreet (Córdoba) - The EUR/USD bounced from lows and completely erased intraday losses following a weak ADP employment report for the US.
Private employment in the US rose by 139,000 in February from 127,000 the previous month and missing expectations of 160,000 new jobs. The weak outcome weighed on the greenback as investors use the ADP report to anticipate the government ">nonfarm payrolls that will be released next Friday.
The EUR/USD rose to a fresh daily high of 1.3745 right after the data but quickly returned to the 1.3720 zone, where it is 0.2% below its opening price.
EUR/USD technical outlook
"The pair is still in a process of testing 1.3725 support zone and a violation of that area will expose 1.3690 hurdle", said Stoyan Mihaylov, analyst at DeltaStock.com. "A break through 1.3780 will confirm an upmove towards 1.3893".
Private employment in the US rose by 139,000 in February from 127,000 the previous month and missing expectations of 160,000 new jobs. The weak outcome weighed on the greenback as investors use the ADP report to anticipate the government ">nonfarm payrolls that will be released next Friday.
The EUR/USD rose to a fresh daily high of 1.3745 right after the data but quickly returned to the 1.3720 zone, where it is 0.2% below its opening price.
EUR/USD technical outlook
"The pair is still in a process of testing 1.3725 support zone and a violation of that area will expose 1.3690 hurdle", said Stoyan Mihaylov, analyst at DeltaStock.com. "A break through 1.3780 will confirm an upmove towards 1.3893".