The EUR/USD pair has spent the first half of the day depressed, currently down -0.16% at 1.1226, and a break below 1.1210 would expose the critical 1.1170 support, FXStreet’s Chief Analyst Valeria Bednarik reports.
Key quotes
“The US has just released Initial Jobless Claims for the week ended June 12, which were worse than anticipated, rising by 1.5 million, against the 1.3M expected. Continuing Jobless Claims were also worst-than-anticipated, down to 20.5 million from 20.6M, and against the 19.8M expected.”
“The 4-hour chart shows that the 20 SMA, converges with a critical Fibonacci level at 1.1270, while the price is battling a still bullish 100 SMA. Technical indicators, in the meantime, head firmly lower within negative levels.”
“Further slides are to be expected on a break below 1.1210, the immediate support, with a more relevant one at 1.1170, the 38.2% retracement of the latest daily run.”
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