EUR/USD clinches highs near 1.0690, ADP eyed

The sentiment around the greenback is somewhat deteriorating following the opening bell in Europe on Wednesday, now helping EUR/USD to advance to daily highs near 1.0690.

EUR/USD focus on ADP, FOMC minutes

The pair is advancing since Monday as the demand for the buck has lost some upside momentum after last week’s strong pick up. However, the current upside will be put to the test later in the NA session, as the US ADP report and the FOMC minutes are both due.

In the meantime, spot found some support in the vicinity of the 100-day sma near 1.0620 (Tuesday), coming down from last week’s fresh YTD tops just beyond 1.0900 the figure.

On the data front, Services PMI for the month of March in the euro area are unlikely to grab any attention from traders, while the ECB minutes due on Thursday could shed more detail on recent comments by officials regarding the markets appear to have misinterpreted the March’s statement.

EUR/USD levels to watch

At the moment the pair is up 0.16% at 1.0688 facing the next resistance at 1.0705 (high Mar.31) seconded by 1.0724 (20-day sma) and then 1.0772 (high Mar.30). On the other hand, a breach of 1.0634 (low Apr.3) would target 1.0624 (100-day sma) and finally 1.0597 (low Mar.14).