The Euro has dropped about 100 pips from from 1.3375 intra-day reaching 1.3270, giving away all the ground taken after the ADP report. At the moment, the Euro is testing 1.3275 support level.
In case of further decline below 1.3275, next support level could come at 1.3250 intra-day low and 1.3210 (May 4 low). On the upside, initial resistance would be at 1.3300 and above there, 1.3340 and 1.3375, current intra-day high.
Despite the decline, Valeria Bednarik, collaborator at FXstreet.com does not discard another rally: “Pair has reached the 61.8% retracement of the last down leg, so we could see some consolidation between 1.3330 and 1.3365 before next rally to the upside, supported by clearly bullish momentum. Price is above 20 SMA that is also turning up. New candle opening above previous mentioned 61.8% at 1.3365 will be first signal of continuation in the pair.”
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