The EUR/USD pair has sensed support after dropping to near the round-level support of 1.0900 in the early Asian session. The major currency pair has attempted a recovery after falling to near 1.0900 as the tight United States labor market has cooled down further after US Employment data released by Automatic Data Processing (ADP) missed estimates.
As per the released data, the US economy added 145K jobs in March, significantly lower than the estimates of 200K and the former release of 242K. Firms have slowed down their hiring process amid rising interest rates by the Federal Reserve (Fed) and a bleak economic outlook. A slowdown in the recruitment process after the release of weak Job Openings data indicates that the US labor market has started cooling off and chances are solid of an escalation in the Unemployment Rate ahead.
EURUSD long term trend is still bullish. However, currently on the h1 chart, the price is in a correction. Today, it is possible that this pair will continue to return to the 1.0880 area and then reverse to increase again. Recommended to wait to buy to 1.0880, SL: 1.0840, TP: 1.0960
As per the released data, the US economy added 145K jobs in March, significantly lower than the estimates of 200K and the former release of 242K. Firms have slowed down their hiring process amid rising interest rates by the Federal Reserve (Fed) and a bleak economic outlook. A slowdown in the recruitment process after the release of weak Job Openings data indicates that the US labor market has started cooling off and chances are solid of an escalation in the Unemployment Rate ahead.
EURUSD long term trend is still bullish. However, currently on the h1 chart, the price is in a correction. Today, it is possible that this pair will continue to return to the 1.0880 area and then reverse to increase again. Recommended to wait to buy to 1.0880, SL: 1.0840, TP: 1.0960
