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5 Jun 2013
EUR/USD climbs to 1.3120 on US ADP
FXstreet.com (Barcelona) - The single currency rose to weekly highs in the boundaries of 1.3120 on Wednesday, after the ADP report came in below expectations.
The US private sector added 135K jobs during May, according to the ADP report, below the median at 165K although surpassing April’s 113K (revised from 119K). As it happens with any downbeat news from the US economy, market participants link the results with the ongoing chat regarding the Fed and the chance of modifying the current QE programme, this time punishing the greenback.
As of writing, EUR/USD is up 0.07% at 1.3092 and a violation of 1.3043 (low Jun.4) would target 1.3040 (MA200d) en route to 1.2985 (MA10d). On the flip side, resistance levels align at 1.3108 (high Jun.3) ahead of 1.3138 (76.4% of 1.3243-1.2796) and finally 1.3194 (high May 8).
The US private sector added 135K jobs during May, according to the ADP report, below the median at 165K although surpassing April’s 113K (revised from 119K). As it happens with any downbeat news from the US economy, market participants link the results with the ongoing chat regarding the Fed and the chance of modifying the current QE programme, this time punishing the greenback.
As of writing, EUR/USD is up 0.07% at 1.3092 and a violation of 1.3043 (low Jun.4) would target 1.3040 (MA200d) en route to 1.2985 (MA10d). On the flip side, resistance levels align at 1.3108 (high Jun.3) ahead of 1.3138 (76.4% of 1.3243-1.2796) and finally 1.3194 (high May 8).