5 Feb 2014
EUR/USD rises to 5-day high
FXStreet (Córdoba) - The EUR/USD finally broke its trading range and rose to a 5-day high at the beginning of the New York session and even though the US ADP disappointing reading supported the pair, the move started minutes earlier.
The US ADP employment report showed US private sector added 175,000 new jobs in January, missing expectations of around 180,000. The EUR/USD, that had already caught a bid tone, rose to a 5-day high of 1.3554 after the data but lacked follow through and it is currently trading around 1.3550, recording a 0.2% gain Wednesday.
The EUR/USD had spent prior sessions within a tight range as investors gear up for the ECB and the US nonfarm payrolls.
EUR/USD technical outlook
"The intraday bias is still positive, for a spike high to 1.3580 before clear break through 1.3475 low, en route to 1.3390", said Stoyan Mihaylov, analyst at DeltaStock.com.
The US ADP employment report showed US private sector added 175,000 new jobs in January, missing expectations of around 180,000. The EUR/USD, that had already caught a bid tone, rose to a 5-day high of 1.3554 after the data but lacked follow through and it is currently trading around 1.3550, recording a 0.2% gain Wednesday.
The EUR/USD had spent prior sessions within a tight range as investors gear up for the ECB and the US nonfarm payrolls.
EUR/USD technical outlook
"The intraday bias is still positive, for a spike high to 1.3580 before clear break through 1.3475 low, en route to 1.3390", said Stoyan Mihaylov, analyst at DeltaStock.com.