FxWirePro: EUR/USD trades in narrow range, market eyes US ADP data
EUR/USD has declined almost more than 100 pips yesterday and shown a minor jump from that level . The Euro Zone GDP came at 0.4% QOQ as expected but slightly slower than growth rate of 0.7% in the previous month. Market …
EUR/USD has declined almost more than 100 pips yesterday and shown a minor jump from that level . The Euro Zone GDP came at 0.4% QOQ as expected but slightly slower than growth rate of 0.7% in the previous month. Market eyes US ADP employment data which is to be released today for further direction.
The pair is facing major near term support is around 1.2010 (200- day MA) and close below will drag the pair down till 1.1945/1.1900.
On the higher side, near term resistance is around 1.2045 (55- H EMA) and any convincing break above will take the pair to next level till 1.208 (100- H MA)/1.2155.Minor bullishness can seen only 1.2150.
It is good to sell on rallies around 1.2075-80 with SL around 1.215 for the TP of 1.1945/1.1900.
