EUR/USD pair declined sharply on Wednesday as the dollar was boosted by upbeat ADP employment data and on expectations that Federal Reserve will hike interest rate in December. U.S. private employers stepped up hiring in…
EUR/USD pair declined sharply on Wednesday as the dollar was boosted by upbeat ADP employment data and on expectations that Federal Reserve will hike interest rate in December.
U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for interest-rate hike from the Federal Reserve next month.
The ADP National Employment Report showed on Wednesday that private payrolls increased by 216,000 jobs this month, well above economists' expectations for a gain of 165,000 jobs.
The ongoing downside is set to continue for this pair as the resistance level at 1.0686 is likely to act as strong barrier to the bulls and push the pair towards lower side.
To the upside, the immediate resistance can be seen at 1.0601 a break above will take the pair towards next resistance level at 1.0686.
To the downside, immediate support can be seen at 1.0556 levels, a break below will open the door towards next level at 1.0512.
