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EUR/USD eyeing 1.14 after weak US jobless claims data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is looking to test 1.14 levels after the data in the US showed jobless claims rose to a two-month high last week.

    Hovers around 1.1390

    The bird is hovering around 1.1390; largely unchanged after the data release. However, the weak data only provides more power to the EUR bulls, which appear on control given the pair is trading at its highest level since October 2015.

    Initial jobless claims increased by 11,000 to 276,000 in the week ended March 26, the highest since the end of January, data released in the US showed.

    The focus now is on comments from Fed policymaker Dudley. Regional fed manufacturing indices are also likely to influence the pair.

    EUR/USD Technical Levels

    The immediate hurdle is noted at 1.1418 (23.6% of Mar 2015 low-Aug 2015 high), above which the spot may target 1.1460 (Sep 18 high) followed by 1.15 levels. On the lower side, a break below 1.1376 (Feb 11 high) would expose 1.13 handle, under which prices may fall back to 1.1236 (38.2% of Mar 2015 low-Aug 2015 high).
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