EUR/USD (current price: 1.1150)
The most traded currency cross only traded in a 100 pip range, which is relatively low on a day of an ECB meeting. The pair hit 1.1225 in early trading and just after the ECB release, but it failed to rise above the key resistance in Wall Street trading, and drifted lower until the end of the session. The U.S. ADP Employment report was in line with expectations making a huge surprise in today’s official report unlikely, as the pair continues to trade in a narrow range.
Our assessment: EUR/USD is still stuck between the 200-day MA and the strong resistance around 1.1225, with the underlying trend remaining bearish, making a downward move more probable.
