EUR/USD: 100-day MA caps upside despite Powell’s comments, focus on US ADP

  • The EUR bulls have a new level to beat in the short-term – the 100-day moving average.
  • A bullish close above the 100-day MA ma remain elusive if the US macro data betters estimates forcing markets to scale back expectations of Fed rate cuts.

EUR/USD failed to take out key moving average hurdle on Tuesday despite dovish comments from Federal Reserve’s chief and could fall back to 1.12 if the US jobs data due today betters estimates.

Federal Reserve’s Chairman Powell was out on the wires in the US session on Tuesday stating that the bank would cut rates if the escalating trade tensions begin to have a negative impact on the economy.

Meanwhile, Fed’s Bullard said that a rate cut might be “warranted soon,” and that current interest rates might be “inappropriately high”.

Even so, the EUR/USD pair failed to pierce the 100-day moving average resistance at 1.1277 and closed at 1.1251.

As of writing, the pair is trading at 1.1264. The descending triangle breakout confirmed on Monday is still valid. However, a close above the 100-day MA is needed to strengthen the bullish case.

However, a bullish close above the 100-day MA may remain elusive if the US ADP data, due at 12:15 GMT, and the ISM non-manufacturing data, due at 14:00 GMT, blows past expectations, alleviating fears of deeper economic slowdown in the world’s biggest economy.

The ADP data is expected to show the private sector added 183K jobs in May. Meanwhile, the ISM non-manufacturing index is forecasted to remain unchanged at 55.5 in May.

Ahead of the US ADP data, the pair may take cues from the final German services PMI and Eurozone retail sales figure.

Technical Levels


Today last price 1.1264
Today Daily Change 0.0012
Today Daily Change % 0.11
Today daily open 1.1252
Daily SMA20 1.1188
Daily SMA50 1.1211
Daily SMA100 1.1279
Daily SMA200 1.1375
Previous Daily High 1.1278
Previous Daily Low 1.1226
Previous Weekly High 1.1218
Previous Weekly Low 1.1116
Previous Monthly High 1.1266
Previous Monthly Low 1.1107
Daily Fibonacci 38.2% 1.1259
Daily Fibonacci 61.8% 1.1246
Daily Pivot Point S1 1.1226
Daily Pivot Point S2 1.12
Daily Pivot Point S3 1.1174
Daily Pivot Point R1 1.1278
Daily Pivot Point R2 1.1304
Daily Pivot Point R3 1.133



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: risk aversion could send it sub-1.1180

EUR/USD capped by a critical Fibonacci resistance for two weeks in-a-row. The American dollar has closed the week on a high note as hopes for significant rate cuts faded.


GBP/USD: bears to retake control on a break below 1.2475

Renewed demand for the greenback has resulted in the GBP/USD pair giving back half of its Thursday’s gains at the end of the week, with the pair closing it just above the 1.2500 figure.


USD/JPY: bearish case firmer once below 107.20

The USD/JPY pair flirted with the 108.00 level by the end of the week on renewed demand for the greenback but retreated sharply from the level to settle at around 107.70.


Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more