EUR/USD hit fresh daily highs ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A minor bid wave pushed the EUR/USD pair to a fresh daily high of 1.1368 ahead of the data in the US, which could show the jobless claims dropped slightly last week.

    Trades at highest since Oct 21st

    The spot rose to its highest since Oct 21st, 2015. Major part of the gains witnessed today were due to the carry unwind triggered by the risk aversion in the European equities. Further gains in the pair depend almost entirely on the sentiment in the US stocks.

    Meanwhile, the weekly jobless claims could trigger some moves if the actual figure prints significantly higher/lower than the estimated number of 281K.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1419 (23.6% of Mar low-Aug high), above which the spot could rise to 1.1495 (Oct 15 high). On the other hand, a break below the immediate support at 1.1338 (Tuesday’s high) could see the spot fall back to 1.13 levels.
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