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1 Apr 2015

EUR/USD contained by 1.0715

FXStreet (Córdoba) - EUR/USD continues to waver within its recent range, with the pullback from last week’s highs having found interim support at the 1.0715 area.

EUR/USD entered a consolidation phase over the last sessions as investors gear up for the long weekend in Europe and the nonfarm payrolls report in the US. The US Government will publish March employment report on Friday, with consensus calling for a 244K job gain.

Today’s data showed the US private sector added fewer jobs than expected (189K vs 225K exp), although this report has been underperforming NFP data over the last months. Strong employment data has supported the view the Fed could begin raising rates in the June-September period, which has driven the USD to multi-year highs versus most competitors in March. As for EUR/USD, the pair struck a 12-year low of 1.0462 on March 13th before staging a significant correction that was capped by the 1.1050 zone.

EUR/USD levels to watch

At time of writing, EUR/USD is trading at 1.0760, with immediate resistances lining up at 1.0800 (daily high/psychological level) and 1.0823 (100-hour SMA). On the flip side, supports are seen at 1.0714 (Mar 31/Apr 1 lows), 1.0700 (psychological level) and 1.0648 (Mar 20 low).
Apr 1, 2015

US ADP sees a below 200k print for the first time since January 2014 – KBC

Reviewing the US ADP payrolls report, the KBC Bank Research Team views that the below 200k print suggests the labour market recovery might have slowed down in response to weaker growth, but also note that the report is not necessarily a clear indicator for the NFP.
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Apr 1, 2015

CAD in a technical snapshot – TDS

FX Strategists at TD Securities noted that USD/CAD technicals suggest the pair might favour the downside in the near-term.
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