The EUR /USD pair declined on Wednesday as greenback bullish run against euro continued after solid US private employment data underscored the strength of the economy, helping partially offset investors' worries on Presi…
The EUR /USD pair declined on Wednesday as greenback bullish run against euro continued after solid US private employment data underscored the strength of the economy, helping partially offset investors' worries on President Donald Trump's ability to deliver on his policy plans.
The ADP National Employment report showed 263,000 jobs were added in the U.S. private sector in March, far more than economists' expectation of 187,000.
Federal Reserve will release at 2:00 p.m. ET (1800 GMT) the minutes of its March meeting, where it raised interest rates. The minutes could reveal how policymakers view the rate hike trajectory for the year and their thoughts on Trump's policies.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0747 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0696, a break above this level would expose the pair to next resistance level at 1.0747.
To the downside, immediate support can be seen at 1.0657, a break below at this level will open the door towards next level at 1.0616.
