EUR/USD unmoved near 1.20 mark post-ADP, FOMC awaited

   •  US private sector employment increases by 204K in April. 
   •  Markets had a rather muted reaction to the ADP report.
   •  Investors wait for the latest FOMC policy update.

The EUR/USD pair held on to its modest recovery gains and had a rather muted reaction to the US private sector employment details.

The pair moved little and remained stuck in a narrow trading range around the key 1.20 psychological mark after the latest US ADP report showed private-sector employers added 204K new jobs during the month of April. The headline number was slightly better-than 200K estimated but did little to provide any fresh impetus.

Heading into today's key event risk, the highly anticipated FOMC decision, investors also seemed reluctant to place any aggressive bets, which further contributed to the pair's range-bound/consolidative price-action through the mid-European session.

Technical outlook

Valeria Bednarik, FXStreet's own American Chief Analyst writes: “The 1.1985 low set yesterday is the immediate short-term support, followed by the 1.1950 level. Below this last, 1.1920 comes next. Resistances are at the mentioned high and 1.2060, with gains beyond this last favouring a firmer upward corrective movement that anyway won't be enough to confirm that a bottom has already taken place.”