EUR/USD holds on to higher ground, bearish only below 1.1790
|The greenback got a mild boost with better-than-expected US employment-related data, with US futures also advancing with the headline. The EUR/USD pair, however, is trading in the 1.1830 price zone, still bullish in the short-term, FXStreet’s Chief Analyst Valeria Bednarik reports.
Key quotes
“US data surprised to the upside, as Initial Jobless Claims for the week ended August 7 fell to 963K, the first time below 1M since mid-March. Continuing Jobless Claims for the week ended July 31, shrank to 15.486M, also beating the market’s expectations.”
“The 4-hour chart shows that the EUR/USD pair continues to develop well above its moving averages, while technical indicators eased modestly but hold well above their midlines. The pair could turn bearish on a break below the 1.1790 support, while a retest of the year high will be likely on an extension above 1.1870.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.