- The dollar picks up pace throughout the market in the run-up to the American session.
- EURUSD falls back after failing to hold above 1.0400.
- Ahead: US jobless claims data.
The EURUSD was trading above 1.0400 at the start of the European session, but then lost strength and recently marked intraday lows at 1.0334. The bias is to the downside and next support is seen at 1.0330.
The dollar wakes up
The dollar is rising on all fronts on Thursday, and stronger in the last hour, without a trigger behind it. The treasury bond yields They are stable, with the 10-year bond rising to 3.74%. The DXY rises 0.50% and approaches 107.00. Wall Street futures are falling, with the Nasdaq shedding 1.54%, and the Dow Jones down 0.12%.
In the Eurozone, the fine reading of inflation for October was known, showing an annual rise of 10.6%. In the US, the weekly report on jobless claims will be published, the Philly Fed, the home start-up report and building permits. In addition, officials from the Federal Reserve, Bowman and Jefferson will speak in public.
Correction in progress, euro needs to be confirmed above the 200-day average
Earlier on Thursday the EURUSD had reached 1.0407, before losing momentum. A return above 1.0385, where the 20-hour MA is passing, could change the intraday bias. In the opposite direction, 1.0330 shows the next support followed by 1.0295 and the current week’s low at 1.0269.
The ongoing correction from lows in months looks moderate at the moment. The background tone still favors the euro, but to enable more rises a daily close clearly above 1.0420 seems necessary, where the 200 day moving average is going.
technical levels
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.
