EUR/USD Prediction for December 1, 2016

The EUR/USD consolidated after recapturing the 10-day moving average, but moved lower during the U.S. trading session following a stronger than expected ADP employment report.  Support is seen near the 10-day moving average at 1.0601.  Additional support on the currency pair is seen near the November lows at 1.0517.  Resistance on the currency pair is seen near the October lows at 1.0850.  Momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread.

U.S. ADP jobs survey surged 216k in November, above median 160k vs revised 119k in October. U.S.  Expectations were for an increase of 170K private sector jobs. Yields moved higher energizing the U.S. dollar which generated headwinds for the currency pair.

EUR/USD Daily Fundamental Forecast

EUR/USD Technical Analysis