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EUR/USD trims gains as US jobless claims dip

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:
    The EUR/USD pair shed few pips to trade around 1.1320 after the data in the US showed the initial jobless claims dropped more than expected last week.

    Eyes US opening bell

    The spot clocked a high of 1.31368 before trimming gains on the better-than-expected weekly jobs data. The initial jobless claims fell to 16k to 269k in the Feb 6 week, well below expectations for a 283k level and the lowest level since the pre-volatility December 19 week.

    The focus now is on how the US stocks perform following the rout in the European equities. The drop in the treasury yields is also something that USD bulls would keep an eye on.

    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 1.13 could see the spot fall back to 1.1236 (38.2% of Mar low – Aug high).
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