EUR/USD pays no heed to rise in US weekly jobless claims

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair largely ignored a rise in the US weekly jobless claims and continues to trade around 1.09 levels as traders await more important services PMI releases.

    Eyes US services PMI release

    Traders now await the services PMI figure released by two separate authorities – Markit and ISM. Out of the two, ISM is likely to get more attention, given the employment sub index influences expectations surrounding Friday’s non-farm payrolls report.

    Ahead of the data release, the EUR traders would also keep an eye on the sentiment in the US stocks. As of now, the major index futures are wobbly and that is keeping funding currency EUR on a positive footing.

    EUR/USD Technical Levels

    The immediate hurdle is seen at 1.0933 (100-DMA)-1.0947 (50% of 1.0517-1.1376), above which the prices could test 1.0972 (50-DMA). On the other hand, a breakdown of immediate support at 1.0887 (5-DMA) would see prices drift lower to 1.0853 (daily low).
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