FXstreet.com (Córdoba) – The ADP employment report showed a fall of 473,000 in June. The number is worst than expected (388,000) but less than the May number (532,000). Minutes before the report EUR/USD rose above 1.4100, reaching an intra-day high at 1.4104. Now the pair is testing 1.4100 accumulating an increase of a hundred pips since the pair bottomed during the Asian session at 1.4001.
According to Anna Couling, technical analyst at Master the Markets: “The euro vs dollar continued its indecisive and meandering price action yesterday against a backdrop of month and quarter end liquidations and position squaring coupled with the prospect of a train crash on Thursday with the ECB going head to head with the Non Farm Payroll numbers and I suspect that we will see further sideways price action today as a result. Yesterday's low of the day once again found some support from the 9 day moving average and with the 14 day now crossing below this indicator, suggests that any move today may be to the upside.”
According to Anna Couling, technical analyst at Master the Markets: “The euro vs dollar continued its indecisive and meandering price action yesterday against a backdrop of month and quarter end liquidations and position squaring coupled with the prospect of a train crash on Thursday with the ECB going head to head with the Non Farm Payroll numbers and I suspect that we will see further sideways price action today as a result. Yesterday's low of the day once again found some support from the 9 day moving average and with the 14 day now crossing below this indicator, suggests that any move today may be to the upside.”
