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2 Jul 2014
EUR/USD extends decline to a 2-day low after ADP - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik remarks that following the exceptionally good US ADP employment data, showing a 281K increase in June, the EUR/USD extended its decline to a 2-day low, back well below its 200 DMA.
Key quotes
"The hourly chart shows price was contained by a bearish 20 SMA early Wednesday, while indicators extend lower in negative territory."
"In the 4 hours chart technical readings also present a mild bearish tone, as per price developing a bearish 20 SMA and indicators heading south around their midlines: some further downside towards 1.3610 is possible, albeit the market may remain cautious ahead of Thursday fundamental releases."
Key quotes
"The hourly chart shows price was contained by a bearish 20 SMA early Wednesday, while indicators extend lower in negative territory."
"In the 4 hours chart technical readings also present a mild bearish tone, as per price developing a bearish 20 SMA and indicators heading south around their midlines: some further downside towards 1.3610 is possible, albeit the market may remain cautious ahead of Thursday fundamental releases."