EUR/USD Pares its loss after weaker ADP data,targets 1.1500

EUR/USD has recovered after release of weaker than expected ADP Employment data. US economy have added 169K private sector jobs in Apr compared to forecast of 199K. The decline ADP employment will decrease the chance of Fed to cut rates by September.

Technically EUR/USD is trading higher and intraday trend reversal can happen only below 1.1200.

On the upside EUR/USD is facing resistance around 1.1290 and nay break above would extend gains till 1.1530.

It is good to buy EUR/USD around 1.1270 with stop around 1.1200 for the target of 1.1530.