EURUSD Drops as Expected: What's Next?
Yesterday, we highlighted the likelihood of EURUSD moving lower—and it did just that. Currently, the price appears short-term overbought, but if it climbs to around 1.0350 without breaking above 1.0438, traders are likely to short sell again. The targets remain 1.0294, followed by 1.0225, with support for this downside move looking relatively solid.
Backing this move are robust ADP numbers and strong job openings data. Additionally, jobless claims, already at an eight-month low, dropped even further today, reinforcing the strength of the US labor market.
Attention now turns to the Fed FOMC meeting minutes this evening. However, it's unlikely to bring significant surprises or have a major impact on EURUSD.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Backing this move are robust ADP numbers and strong job openings data. Additionally, jobless claims, already at an eight-month low, dropped even further today, reinforcing the strength of the US labor market.
Attention now turns to the Fed FOMC meeting minutes this evening. However, it's unlikely to bring significant surprises or have a major impact on EURUSD.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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