EUR/USD waits for ADP, FOMC around 1.1440

The pair keeps the bid tone unchanged above the 1.1400 handle.
The greenback stays sidelined in the 95.80 area.
US ADP report due next ahead of FOMC event.

Pablo Piovano FXStreet

EUR/USD remains well bid so far this week and is currently looking to consolidate gains following the recent breakout of the key barrier at 1.1400 the figure.

EUR/USD looks to US data, trade

Spot navigates in the area of 2-week highs beyond the 1.1400 handle so far this week amidst a generalized flat performance of the greenback, confined to the 95.80 region for the time being when tracked by the US Dollar Index (DXY).

Earlier in the session, the European Commission’s final Consumer Confidence gauge in the bloc came in at -7.9 for the current month, a tad lower than December’s -8.3. Additionally, German Consumer Climate measured by GfK improved to 10.8 for the month of February.

Looking forward, the FOMC is expected to leave rates on hold later today, although markets’ attention will be on Powell’s press conference and his views on the Fed’s rate path for this year.

What to look for around EUR/USD

Following the recent ECB event and Draghi’s comments, the central bank is expected to enhance its data-dependency stance in the next months in light of the ongoing slowdown in the region. In addition, the US-China trade talks will also be on the investors’ radar this week ahead of the meeting between US and Chinese officials kicking in today and ending tomorrow. On the more political side, the upcoming EU parliamentary elections (May) should start to grab extra attention in the next weeks, always keeping a close eye to the social scenario in France and Italian political effervescence.

EUR/USD levels to watch

At the moment, the pair is gaining 0.04% at 1.1435 and faces initial resistance at 1.1450 (high Jan.29) seconded by 1.1515 (50% Fibo of the September-November drop) and finally 1.1569 (2019 high Jan.9). On the downside, a breach of 1.1413 (21-day SMA) would target 1.1385 (10-day SMA) en route to 1.1326 (200-week SMA).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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