Today the First News release was negative for the US Economy as the ADP Non-Farm Employment Change was -203K change from the last release. This was also lower than the forcast of -188K so the economy is not growing as fast as predicted.
Despite this news the Euro has continued to advance in todays trading, breaking the 1.4800 resistance area. So with the ISM Non-Manufacturing PMI numbers getting released soon and the FED will speak about the economy today, how will this pair react to the upcoming news.
It is difficult to say until we see what the market does, at this point the pair has dropped a bit due to negative news but the key support levels have been holding under pressure. To learn how the market may react to the Feds decision today read 4 possible reactions to the Fed on Forex Crunch.
I recommend that before entering any trades make sure that you know your strategy well and practice good money management so that you will be able to preserve your capital in difficult trading times.
Also make sure you read about what The Geek has to say about a S + P 500 correlation with the Eur/Usd
Winner’s Edge Trading, as seen on: