EUR/USD tests 1.3640 post-ADP

By FXstreet.com | July 02, 2014 AAA

FXStreet (Edinburgh) - The single currency accelerates its drop on Wednesday, dragging the EUR/USD to fresh lows in the 1.3640 area.



EUR/USD softer after ADP report



Spot is intensifying its selling pressure after the US ADP report surprised markets to the upside, showing that the private sector added 281K jobs during June, the highest level since December 2012. The result surpassed forecasts for 205K and the previous month’s print at 179K. Next on tap will be US Factory Orders (0.3% MoM exp. In May) ahead of the key speech by Janet Yellen.



EUR/USD levels to consider



The pair is now losing 0.23% at 1.3646 and a breakdown of 1.3641 (low Jun.30) would open the door to 1.3610 (low Jun.27) ahead of 1.3606 (21-d MA). On the flip side, the initial hurdle aligns at 1.3683 9high Jul.2) followed by 1.3701 (high Jul.1) and finally 1.3723 (high May 21).



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