The euro currency maintained the bullish momentum in the backdrop of a weaker US dollar. Lack of economic data from the Eurozone saw investors focusing on US data instead. The ADP private payrolls report saw hiring rise just 135,000 in September. This was below the estimate of 140,000. The numbers for August were revised down to 157,000 from 195,000 originally.
Further Gains in EUR/USD Unlikely for Now
The currency pair has managed to post a strong reversal after slipping to a fresh two-year low. But further gains are unlikely to come by as the currency pair tests the resistance level from below. Only a convincing rally above the trend line and the horizontal support/resistance area will confirm the bullish bias. In the near term, we expect EURUSD to remain confined to the current range.
