FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR/USD pair jumped higher on Thursday as dollar slumped after data showed the U.S. economy created fewer private sector jobs in December than market expectations. The ADP National Employment Report indicated that U.…
The EUR/USD pair jumped higher on Thursday as dollar slumped after data showed the U.S. economy created fewer private sector jobs in December than market expectations.
The ADP National Employment Report indicated that U.S. private employers added 153,000 jobs last month, below economists' expectations for a job gain of 170,000.
Further upside is expected to be limited as the pair faces strong resistance at 1.0624 which should limit further upside and bring decline back to lower side.
To the upside, immediate resistance can be seen at 1.0574 a break above will take the pair towards next resistance level at 1.0624.
To the downside, immediate support can be seen at 1.0515 levels, a break below will open the door towards next level at 1.0448
