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EUR/USD edges lower after US jobless claims, durable goods

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD pulled back from daily highs and erased intraday gains as the dollar strengthened following better-than-expected US durable goods orders data.

    US durable goods orders
    rose a seasonally adjusted 4.9% in January, beating expectations of a 2.9% increase. Excluding transportation, orders grew by 1.8%, above the 0.2% rise expected.

    Separated data showed claims for unemployment benefits rose by 10,000 to 272K in the week ending Feb 19, versus 270K expected. However claims have been below the 300,000 for almost a year, pointing to improvement in labor market.

    EUR/USD dropped to retest European lows at 1.1004, but it has managed to hold above the 1.10 mark so far. At time of writing, the pair is trading at 1.1013, virtually unchanged on Thursday.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.0955 (100-day SMA) and 1.0903/00 (Feb 3 low/psychological level) ahead of 1.0882 (Feb 2 low). On the other hand, resistances could be found at 1.1047 (200-day SMA), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high).
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