EUR/USD: No reason to continue the uptrend

EUR/USD has no reason to continue the uptrend as almost everything is pointing lower, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“The disease is infecting relations within the bloc. The lack of unity in the European Union is weighing on the common currency.

“In the US, there are no reasons to be cheerful. However, after the end-of-quarter storm passed, the greenback has room to gain ground on safe-haven flows while stocks suffer.”

“Economists expect ADP’s labor market report to show a loss of 150,000 private sector positions. The publication is set to rock markets.”

“The ISM Manufacturing Purchasing Managers’ Index will provide a snapshot of the sector. Investors brace for a relatively moderate fall from 50.1 to 45 points.”