The currency pair trades weak as demand for safe-haven assets increased. It hits an low of 0.87583 and is currently trading around 0.88078. The intraday bias appears to be bearish as long as the resistance 0.9000 holds.
The ADP National Employment Report for March 2025 shows a strong gain of 155,000 jobs in the U.S. private sector, higher than previously projected at about 105,000. The growth is far higher than February's 77,000 job addition, and annual compensation also increased by 4.6%. The healthy employment and wage growth indicate a healthy labor market, which may impact financial markets, the Federal Reserve's policy, and overall economic projections, beyond initial expectations.
Technical Analysis and Resistance Levels
The pair is trading above the 34-EMA and below 55-EMA on the 4-hour chart indicates a minor up trend. The immediate resistance is at 0.8865 any break above targets 0.8890/0.8940/0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9300.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8750, any violation below will drag the pair to 0.8720/0.8660/0.8600.
Bullish Indicators
CCI (50) - Bearish
Directional movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.8850-525 with a stop-loss at 0.8890 for a TP of 0.8720.
