FL: Forex technical analysis: EURUSD extends declines after better ADP jobs data
The ride has not been a smooth one for the common currency today
The EURUSD traded at new lows for the day after a bumpy London morning session saw the common currency fall, squeeze higher and then tumble back down. US ADP employment rose by 237K in June which was higher than expectations of 218K. The prior month was revised up 2K to 203K. The US payroll numbers will be released tomorrow (not Friday due to the July 4 holiday) with expectations for 230K. ADP has been running weaker than the US jobs reports with 5 of the last 7 months showing smaller increases than the private sector jobs report from the Labor department (see chart below). So the higher number should be encouraging for Friday's report (or so one might think). ISM employment component data will be eyed on later today.
