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EUR/USD consolidates

FOREX_eurusd-consolidates-gains0507_FXPIG
  • USD pullback amid higher Treasury yields caps EUR/USD’s upside.
  • US ADP jobs set to rise, ISM services PMI expected to drop.
  • FOMC minutes to highlight concerns over the US-Sino trade row, inflation?

The EUR/USD pair failed several attempts to resist above the 1.17 handle, as the US dollar sell-off stalled versus its main competitors. However, the spot still holds the upside, now consolidating near 1.1685 region ahead of the US ADP jobs release.

The US dollar attempted a minor bounce across the board, mainly driven by rising Treasury yields, as risk sentiment improves amid positive tone seen around the European equities.

Despite the latest leg lower, the major remains well bid and looks to regain the 1.17 barrier, as the common currency continues to derive support from the latest Bloomberg report, citing sources that some ECB members see a rate hike at the end of 2019 as 'too late.'

Further, upbeat Eurozone retail PMI data for the month of June also adds to the EUR’s buoyant tone. Meanwhile, the pair also cheers the optimistic comments by the ECB Chief Economist Praet on the Eurozone inflation outlook.

Attention now turns towards the US ADP employment data and FOMC June meeting minutes for fresh trading impetus ahead of Friday’s tariffs deadline.

EUR/USD Technical Levels:  

According to the AceTrader Team, “despite yesterday's intra-day broad sideways swings, as euro's erratic rise from this week's low at 1.1591 (Tuesday) to 1.1682 yesterday suggests early pullback from 1.1697 (Monday) has ended there, consolidation with upside bias remains for gain towards last week's high at 1.1720. On the downside, only below sup area at 1.1621/31 would prolong choppy consolidation until the release of Friday's key U.S. jobs data, however, reckon 1.1591 would remain intact.”

Source: fxstreet.com

  • USD pullback amid higher Treasury yields caps EUR/USD’s upside.
  • US ADP jobs set to rise, ISM services PMI expected to drop.
  • FOMC minutes to highlight concerns over the US-Sino trade row, inflation?

The EUR/USD pair failed several attempts to resist above the 1.17 handle, as the US dollar sell-off stalled versus its main competitors. However, the spot still holds the upside, now consolidating near 1.1685 region ahead of the US ADP jobs release.

The US dollar attempted a minor bounce across the board, mainly driven by rising Treasury yields, as risk sentiment improves amid positive tone seen around the European equities.

Despite the latest leg lower, the major remains well bid and looks to regain the 1.17 barrier, as the common currency continues to derive support from the latest Bloomberg report, citing sources that some ECB members see a rate hike at the end of 2019 as 'too late.'

Further, upbeat Eurozone retail PMI data for the month of June also adds to the EUR’s buoyant tone. Meanwhile, the pair also cheers the optimistic comments by the ECB Chief Economist Praet on the Eurozone inflation outlook.

Attention now turns towards the US ADP employment data and FOMC June meeting minutes for fresh trading impetus ahead of Friday’s tariffs deadline.

EUR/USD Technical Levels:  

According to the AceTrader Team, “despite yesterday's intra-day broad sideways swings, as euro's erratic rise from this week's low at 1.1591 (Tuesday) to 1.1682 yesterday suggests early pullback from 1.1697 (Monday) has ended there, consolidation with upside bias remains for gain towards last week's high at 1.1720. On the downside, only below sup area at 1.1621/31 would prolong choppy consolidation until the release of Friday's key U.S. jobs data, however, reckon 1.1591 would remain intact.”

Source: fxstreet.com

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