Wednesday, January 7, 2015

$EUR/USD stays down after ADP report

$EUR/USD remained little changed after ADP employment report showed US private sector created more jobs than expected in December.

US private sector added 241K new jobs in December, following 227K the previous month and beating the 225K expected by analysts, upbeat figures ahead of the government nonfarm payrolls Friday.

$EUR/USD retested trend lows and continues to trade at the bottom of the range, a few pips above its 9-year trough of 1.1818, as investors refrain from pushing the pair lower ahead of the FOMC minutes to be released later today. At time of writing, $EUR/USD is trading at 1.1825, 0.53% below its opening price.

$EUR/USD levels to watch

As for technical levels, next support area comes 1.1800 (psychological level) followed by 1.1777 (Dec 30 2005 low). On the flip side, resistances are seen at 1.1895 (daily high) and 1.1968 (Jan 6 high).