The EUR/USD pair is seen wavering between gains and losses over the last hours, having failed several attempts to take out daily high near 1.0880 region.
EUR/USD: Rebound likely on poor ADP report?
Currently, EUR/USD trades modestly flat at 1.0863, fading a spike to session highs reached at 1.0876. The main currency pair trades largely subdued and fails to benefit from the receding risk-on trades amid the ongoing retreat in the European equities. Germany’s DAX trades 0.23% versus +1% previous, while the pan-European benchmark, the Euro Stoxx 50 gains 0.59% versus +1.12% seen earlier.
The EUR/USD pair treads water as markets remain on the back foot and refrain from placing big bets ahead of the much awaited US ADP employment data, a precursor to the highly influential NFP report due on Friday. The US private sector is expected to have created 185,000 new jobs in February, against 205,000 jobs added a month before.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.0894/1.0898 (5 & 100-DMA). A break beyond the last, doors will open for a test of 1.0932/45 (daily R2/ 1h 100-SMA). On the flip side, the immediate support is placed at 1.0835 (four-week Low) below which at 1.0812/09 (Feb 1 & Jan 29 Low) could be tested.
(Market News Provided by FXstreet)