ADP better than estimated and now 3% GDP sends the dollar higher
The US GDP was better. The ADP was better. The dollar is getting bought.
The EURUSD has broken below the trend line at 1.1925 currently and the 100 hour MA at 1.1914 and will look toward the 1.1876 level as the next target. That level corresponds with the 2010 swing low. Last week the price moved to that area, and consolidated before racing higher.. The 50% of the move up from the August 2017 low comes in at 1.1865. So that area is an important area. PS the EURUSD range is up to 92 pips which is the 22 day average. The market can have an internal clock that leads to some profit taking. Watch the correction and sellers near the 1.1816-25 area.
The USDJPY pushed above the earlier high for the day at 110.166 and is up testing the 200 bar MA on the 4-hour chart at 110.445. The price has not traded above that MA since July 26th. Key level. The range for the USDJPY is up to 90 pips with a 22 day average of 85 pips. So it too is taking a breather.
The US stocks have moved a little lower after the data with the S&P and Nasdaq futures now in the red marginally.
