FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the dollar gathered some pace against its rivals on Wednesday, following the release of the strongest ADP reading in almost 2 years, up to 281K.

Key Quotes:

“The EUR/USD which was already under pressure after failing around 1.3700, extended its decline to post a daily low of 1.3640 before halting, finally closing the day below its 200 DMA again”.

“If it weren’t because of ECB and US Payrolls on Thursday, the pair should continue falling over the upcoming sessions according to technical readings, yet both are consider game changers so cautious should prevail until the releases”.

“Nevertheless and from a technical point of view, the hourly chart shows indicators in negative territory and price developing below 20 and 100 SMAs, showing no directional strength”.

“In the 4 hours chart price stands below 20 SMA while indicators hover around their midlines, having erased early week overbought conditions. Ahead of the news, critical levels to watch are recent highs of 1.3700 to the upside and 1.3570 to the downside, as a break of any extreme should lead to a continued move”.

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!