Comes in at 179K vs 170K estimate
The EURUSD has moved a touch lower after the better than expected ADP report (179K vs 170K estimate). Last month was revised to 176K vs 172K). The labor departments nonfarm payroll will be released on Friday with expectations for a gain of about 180K. Last month, the report showed an oversized gain of 287K.
The move lower has not been able to take out the lows for the day at the 1.1189 level. The pair currently trades at 1.1194.
The summer time trading continues with the pair in a tiny 37 pip trading range. The trend for the day has been lower - correcting slightly lower than the 50% of the gains from yesterday (the 50% is 1.1195). The pair has been mostly below the 100 bar MA which currently sits at 1.1203 (see blue line in the chart above). There was a brief move above in the London morning session but that move was fairly quickly rejected. Stay below the MA and I guess you can say the seller maintain a slight advantage. The move lower today comes after the pair stall at the key 100 day MA which today comes in at 1.12349. The high yesterday stalled at 1.12332.
With three lows today at hte 1.1189, a move below that level should solicit more selling (the range is only 37 pips after all). A move above the 100 bar MA has the 200 bar MA at 1.12099 to contend with but heck that is only 6-7 pips from the 100 bar MA. I would think that the tide would turn more to the upside.
So right now, sellers have the slight edge. We will see if they have the power to push further though.
