| Initial jobs clients spikes to 20 month highs helping to weaken the USD. The initial jobless claims for the current week rose to the highest level in 20 months and that has weakened the US dollar in the process. Looking at the EURUSD, the price action saw the pair move up to a swing area between 1.0747 and 1.0759, but is finding sellers against that swing area on the first look as risk for sellers can be defined and limited by sellers. A move above would open the door for a run toward last week's highs at 1.0778. Move above that and traders would start to target the 38.2% retracement of the major trading range, and the 100-day up at 1.08108 (with the natural resistance at 1.0800 in the way). Earlier today the EU GDP moved into negative territory at -0.1% versus 0.0% expected for the 1st quarter growth. That may somewhat limit the upside, although the price of the EURUSD has been moving to the upside and away from its 100/200 hour moving averages in trading today. The hurdle remains the 1.07594 level. Get above, and stay above, and more probing toward 1.0800 to 1.0810 can be anticipated. |
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