The pair managed to hold the 20Dsma made a double bottom at yesterday’s session.
“The August PMI® registered 51.1 percent, a decrease of 1.6 percentage points from the July reading of 52.7 percent. The New Orders Index registered 51.7 percent, a decrease of 4.8 percentage points from the reading of 56.5 percent in July.
Today traders eye ADP Non-farm payroll numbers. In July, the numbers increased in a slow pace since April, added 185,000 workers. The steep fall in the oil prices affecting the energy industry.
The fourth largest US oil company ConocoPhillips: The Company plans to lay off 10%, or cut more than 1,800 employees, mostly related to job cuts in North America, more than 500 people at headquarters in Houston.
Economists expected a stronger job growth to add 204k new workers in August.
Technical view: The pair is trading above all the moving averages. But in the four-hour chart, the pair first time formed a lower high and lower low.
As of now today the pair unable to breach the yesterday’s high. Intraday support finds at 1.3220 and 1.3200. Resistance seems at 1.3260, 1.3300 and 1.3300.
Small buying trading available above 1.3260 aims at 1.3280 and 1.3290. Intraday buying trade
Strengthens above 1.3300 towards 1.3330 and 1.3360.
Selling opens below 1.3190.