EUR/USD: Dollar fueled by upbeat ADP – Bednarik

Mixed economic data from the European Union and US ADP beating the forecasts of private jobs creation have sent the pair to the brink of 1.1000. EUR/USD is clearly bearish, in the opinion of FXSteet Chief analyst Valeria Bednarik.

Key quotes

“January Services PMI resulted in 54.2 in Germany, which met market’s expectations. However, EU December Retail Sales fell by more than anticipated, down by 1.6% in the month and posting a modest 1.3% annual advance.”.

“The US has published its ADP survey on private jobs’ creation, which resulted in 291K almost doubling the market’s expectations in January.” 

“EUR/USD is trading at daily lows near the 1.1000 level ahead of Wall Street’s opening, clearly bearish in the short-term.”

“The pair has bottomed in January at 1.0991, although stronger support comes at 1.0980 a relevant low from last November.”