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ADP Employment Change Data Beats Expectations, EURUSD Extending Losses

(EURUSD : 4 Hour Chart)

EURUSD is declining in response to the strong ADP Non-farm employment change data towards the rising support trend line on the 4 hour chart and might find support from it. The 50 day SMA or 1.3626 might also provide support to the pair if it declines below the support trend line. 

     

According to the data, Private sector employment increased by 281K from May to June. The number of construction jobs added was an encouraging number representing the highest total in the industry since February 2006.

The change in Total Non Farm Private Employment data released by the Government almost mimic the ADP data so investors might expect tomorrow's data to be strong.