6 May 2015
EUR/USD awaits US ADP report
FXStreet (Mumbai) - The EUR/USD trades near 1.1220-1.1225 band, as it ran into offers above 1.1260 levels for the third session in a week.
Focus on ADP report
The pair now awaits the US ADP report, which is expected to show the private sector added 200K jobs in April, compared to 189K in March. The ADP report is followed by Friday’s April Non-farm payrolls report which is expected to show the US economy added 213K jobs compared to 126K additions seen in March.
The ADP report could influence the US-German benchmark bond yield spread and thereby lead to movement in the EUR/USD pair. Earlier today, the pair rose to a high of 1.1269 on mixed services PMI data, before heading back to 1.1120 on weak Eurozone retail sales print.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1260, above which gains could be extended to 1.13. On the flip side, a break below 1.1188 (5-DMA), could push the pair down to 1.1110.
Focus on ADP report
The pair now awaits the US ADP report, which is expected to show the private sector added 200K jobs in April, compared to 189K in March. The ADP report is followed by Friday’s April Non-farm payrolls report which is expected to show the US economy added 213K jobs compared to 126K additions seen in March.
The ADP report could influence the US-German benchmark bond yield spread and thereby lead to movement in the EUR/USD pair. Earlier today, the pair rose to a high of 1.1269 on mixed services PMI data, before heading back to 1.1120 on weak Eurozone retail sales print.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1260, above which gains could be extended to 1.13. On the flip side, a break below 1.1188 (5-DMA), could push the pair down to 1.1110.