EUR/USD drops further post-ADP, 1.05 on sight?

The downside momentum has accelerated around EUR/USD today following the release of the ADP report.

EUR/USD offered post-data

The pair tumbled further after the US private sector created 298K jobs during February, surpassing forecasts for a 190K gains and up from January’s 261K (revised from 246K).

Spot has thus intensified its weekly decline, opening the door for a potential visit to the area of last week’s lows in sub-1.0500 levels.

EUR/USD levels to watch

At the moment the pair is losing 0.23% at 1.0542 and a break below 1.0513 (low Mar.1) would target 1.0499 (low Mar.3) en route to 1.0492 (low Mar.2/Feb.22). On the upside, the initial hurdle is located at 1.0588 (20-day sma) followed by 1.0606 (55-day sma) and finally 1.0640 (short term resistance line).