The dollar advanced against the euro as demand for the greenback increased following the Republican victory and a strong ADP Nonfarm Employment Change report for October in U.S. The EUR/USD pair remains under selling pressure ahead of today European Central Bank interest rate decision and tomorrow U.S Nonfarm payrolls October report. Besides the ECB meeting, traders must keep an eye on German Factory Orders (MoM), ECB Press Conference in eurozone and Initial Jobless Claims report and Fed members speeches in U.S.
EUR/USD bounced back above $1.2500 from $1.2457 level as traders covering short positions ahead of today's and tomorrow's major economic events in the eurozone and U.S. Divergence observed on 4h-chart is supporting further gains toward $1.2577 and if this first resistance level is broken then prices could reach SMA (50) at $1.2593. However, due to high volatility expected today and tomorrow, traders are called to stay cautious in order to avoid adverse moves and spikes that may happen. 
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EUR/USD Under Pressure Ahead Of ECB Rate Decision
Published 11/06/2014, 02:51 AM
Updated 05/14/2017, 06:45 AM
EUR/USD Under Pressure Ahead Of ECB Rate Decision
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