- EUR/USD bears are targeting the 1.0850 level.
- Bears aim to test daily lows heading into the new month.
The EUR/USD falls back. The Dollar Index hit two-week highs on Thursday after economic data showed the job market remains strong.
It’s been a strong week of data for the US and was capped with initial weekly jobless claims declining 26,000 to a seasonally adjusted 239,000, the biggest drop in 20 months and below economists’ expectation of 265,000. polled by Reuters. Federal Reserve Chairman Jerome Powell also indicated that the central bank is likely to resume its rate hike path and this is weighing on the Euro, as the following technical analysis focused on the 1.0850 area illustrates. :
EUR/USD daily chart
The current situation centers on the weak lows of 1.0635, as the Euro fails to make a higher high, so far.
EUR/USD 4-hour chart
1.0844 is a target on the 4-hour chart for the same, keeping an eye on the daily support zones below.
EUR/USD 1-hour chart
On the hourly chart, the 1.0850 level is vulnerable as it is the -272% Fibonacci range of the recent bullish correction.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
