EUR/USD Slips Below 1.1350 ahead of US Jobless Claims

EUR/USD Slips Below 1.1350 ahead of US Jobless Claims

9 June 2016, 14:32
Roberto Jacobs
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EUR/USD Slips Below 1.1350 ahead of US Jobless Claims

The US Dollar recovery from lower levels now seems to gain further traction, with the EUR/USD pair now sliding further below 1.1400 handle.

The pair extended its slide and broke through 5-day SMA support and 1.1350 level to test session low level of 1.1330. The pair has now moved within striking distance of testing its weekly low level of 1.1325 touched at the beginning of the current trading week. 

Weaker Chinese inflation print has resurfaced concerns over an economic slowdown in the world's second largest economy and has turned market sentiment in favor of the greenback. 

Investors will now look forward to the US weekly jobless claims data, which might drive risk sentiment during the US trading session.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet noted, "The EUR/USD pair now presents a mild bearish tone in the 4 hours chart, as the price is pressuring its 20 SMA, whilst the technical indicator have turned lower, and are close to cross their mid-lines."

"The 1.1320/30 region is the immediate support, with a break below it exposing the pair to a quick slide towards the 1.1280 region. Above 1.1380 on the other hand the pair can extend its advance up to 1.1420, while above this last, 1.1460 is the next bullish target for today."


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