EUR/USD clinches daily tops near 1.1370 on poor ADP, data

06 Dec 2018

  • The pair manages to bounce off lows near 1.1320.
  • The greenback struggles to keep the trade above the 97.00 handle.
  • ADP came in below expectations in November at 179K.

EUR/USD is extending the daily correction higher and is now flirting with session tops in the 1.1360/70 band.

EUR/USD bid after US data, now looks to US ISM

Spot picks up extra pace in the second half of the week after today’s ADP report noted the US private sector added 179K jobs during November, missing initial consensus.

Still in the US docket, weekly Initial Claims rose by 231K, taking the 4-Week Average to 228K from 223.75K. Additionally, the US trade deficit came in at $55.5 billion in October from September’s $54.6 billion deficit.

In the meantime, spot remain sidelined below the critical barrier at 1.1400 the figure, always on a cautious tone and vigilant on developments from Italy and Brexit.

EUR/USD levels to watch

At the moment, the pair is gaining 0.16% at 1.1361 and a breakout of 1.1418 (high Dec.4) would target 1.1434 (high Nov.22) en route to 1.1473 (high Nov.20). On the other hand, the next support is located at 1.1264 (low Nov.28) followed by 1.1214 (2018 low Nov.12) and finally 1.1188 (61.8% Fibo of the 2017-2018 rally).

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