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Forex: EUR/USD lower on the day, waiting for US employment data

The EUR/USD peaked during the Asian session, but blocked by 1.3070 area the EUR/USD fell during European time and found its low at 1.3024. As of writing, the market trades around 1.3040, still below the opening price.

Ahead is the US ADP employment change and analysts expect 170K added jobs in February, easing January's pace of 192K. Investors will regard this piece of data as a good signal of what will come on Friday's NFP data.

In the week ending at March 1, mortgage applications have risen by 14.8%, according to MBA. The US data had dropped -3.8% in the week before.

“I still believe, that the rebound above 1.2966 low is a corrective one, so expect a break through 1.3010 to signal a sell-off towards 1.2880 major support”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to crucial resistance at 1.3160.

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Underpinned by broad gains in stocks and better-than-expected Australian GDP, AUD/USD managed to extend its recovery to a 9-day high of 1.0300 before losing momentum.
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12. Forex Flash: Chavez’s death will not yield immediate effect in Venezuelan sovereign ratings – Deutsche Bank

It was announced that Venezuela's President Hugo Chavez had passed away overnight after a battle with cancer. Vice President Maduro will serve as interim president until the next election, which must be held within 30 days. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “In a national address in December last year, Chavez reportedly called on Venezuelans to unite behind Maduro as his successor.”
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