EUR/USD reaches session highs near 1.0800 after US Jobless claims

The Dollar extends its reversal as US Jobless Claims increase.
These figures confirm the view that the US labor market is deteriorating.
EUR/USD remains bearish while below 1.0850.

Guillermo Alcala FXStreet

The Euro bounced up ahead of Thursday’s session opening times with the US Dollar extending its reversal. US Jobless claims have confirmed that the labor market is losing steam.

Claims for unemployment insurance in the US increased to 220,000 in the last week of November, up from 218,000 claims in the previous week.

This confirms the trend suggested by the US Jolts openings and the ADP report earlier this week and backs the narrative of softer economic growth and weaker employment consistent with the theory that the Federal Reserve might start to roll back its tightening cycle in the first quarter of 2024.

From a wider perspective, the picture remains little changed, with the near-term bearish bias intact while below 1.0800 and 1.0860. On the downside, 1.0750 is likely to provide support ahead of 1.0660.

Technical levels to watch

EUR/USD

Overview
Today last price	1.079
Today Daily Change	0.0028
Today Daily Change %	0.26
Today daily open	1.0762

Trends
Daily SMA20	1.086
Daily SMA50	1.0696
Daily SMA100	1.0771
Daily SMA200	1.0821

Levels
Previous Daily High	1.0805
Previous Daily Low	1.0759
Previous Weekly High	1.1017
Previous Weekly Low	1.0829
Previous Monthly High	1.1017
Previous Monthly Low	1.0517
Daily Fibonacci 38.2%	1.0776
Daily Fibonacci 61.8%	1.0787
Daily Pivot Point S1	1.0746
Daily Pivot Point S2	1.0729
Daily Pivot Point S3	1.07
Daily Pivot Point R1	1.0792
Daily Pivot Point R2	1.0821
Daily Pivot Point R3	1.0838

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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