FXStreet – The Pair consolidated with the early European trade 1,1250, before the EUR/USD , with the risk rally in the European shares, after the bottom broke out and the demand for USD increased.
EUR/USD: focus shifted to US ADP, ISM
The Pair puts on a correction of yesterday’s strong recovery, while the Greenback gains against most of his competitors, before important US data to be released.
The Greenback benefited yields from rising US Treasury Bonds, while European shares and Oil prices rise. The US Dollar Index, which represents the strength of the USD against 6 major rivals, rising to 0.15% in the vicinity of the day’s high of 97,08.
The market has the recent comments of the President of the EU Commission, Juncker is processed and the focus now shifts to the US ADP labour market report, the unemployment assistance and the ISM PMI manufacturing.
EUR/USD technical levels
Karen Jones, head of FICC Technical analysis at Commerzbank, notes: “to be The consolidation of the EUR/USD seems to be finished: So it can come to a rise to the recent High of 1,1268 and the November 2016 High of 1,1300. The commandments remain on the short-term upward trend of 1,1035.”
“Rallies are pushed to the 1,1268 and 1.1300 resistance. About the middle of 2016 is High in the area of the 1,1429 and the 2-year resistance line of 1,1474. We assume, however, that the Couple will have a long-term fight. In 1,1343 we have yet to see the 78,6% Retracement,” adds Karen:
** FXStreet News Editorial, FXStreet**