EUR/USD clings to gains near 1.1840, ADP eyed
- Spot navigates a narrow range.
- The 1.18 neighbourhood offers decent support.
- US ADP report on sight.
The demand for the single currency has picked some pace on Wednesday and is now helping EUR/USD to return to the positive territory in the 1.1840 region.
EUR/USD attention to ADP
After three consecutive daily losses, the pair seems to have found moderate support in the vicinity of 1.1800 the figure (Tuesday’s lows) and is staging a small rebound to the 1.1840 area.
The offered bias around the greenback is helping spot to keep the upbeat mood ahead of the opening bell in the Old Continent. In fact, measured by the US Dollar Index (DXY), the buck met a tough resistance in the 93.30/40 band and it seems it will need a stronger catalyst in order to extend the up move.
Ahead in the session, the US ADP report will be the salient event ahead of Friday’s non-farm payrolls. Prior surveys expect the US private sector to have added 185K jobs during November.
EUR/USD levels to watch
At the moment, the pair is gaining 0.08% at 1.1835 and a breakout of 1.1869 (10-day sma) would target 1.1942 (high Dec.1) en route to 1.1962 (high Nov.27). On the other hand, the immediate support aligns at 1.1801 (low Dec.5) followed by 1.1796 (21-day sma) and finally 1.1769 (55-day sma).