- – The Euro is moving nicely and is currently above the 1.1600 level against the US Dollar.
- – There is a major bullish trend line forming with support at 1.1615 on the hourly chart of EUR/USD.
- – Recently in the US, the Initial Jobless Claims for the week ending 4th Nov 2017 were released by the US Department of Labor.
- – The outcome was below the forecast of 231K, as claims posted were 239K.
US Initial Jobless Claims
Recently in the US, the Initial Jobless Claims for the week ending 4th Nov 2017 were released by the US Department of Labor. The market was positioned for a rise in the claims from the last reading of 229K to 231K.
The actual result was below the forecast of 231K, as there was a rise in claims from 229K to 239K. The report added:
The 4-week moving average was 231,250, a decrease of 1,250 from the previous week’s unrevised average of 232,500. This is the lowest level for this average since March 31, 1973 when it was 227,750.
The EUR/USD gained traction lately and it seems like the pair might trade further above 1.1655 in the near term.
EUR/USD Technical Analysis
The Euro traded with a positive bias recently after trading as low as 1.1553 against the US Dollar. The EUR/USD pair started an upside move from 1.1553 and traded above the 1.1600 handle to settle above the 100 hourly simple moving average.
The pair recently traded as high as 1.1655 and is currently consolidating. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the 1.1553 low to 1.1655 high. There is also a bullish trend line forming with support at 1.1615 on the hourly chart.
The trend line support is near the 38.2% Fib retracement level of the last wave from the 1.1553 low to 1.1655 high. Therefore, there are chances of 1.1615 acting as a decent support and buy zone in the near term.
Any corrections from the current levels toward the 1.1615 level can be considered as a buying opportunity, however, the pair needs to stay above the 1.1600 handle.Tags: EUR/USD, EUR/USD Technical Analysis, Euro, US Dollar