Bears are aiming for the 1.0850 level in the EUR/USD currency pair, currently trading at 1.08674.
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- EUR/USD bears target the 1.0850 level.
EUR/USD is on the back foot. The US Dollar index climbed to a two-week high on Thursday after economic data showed the labour market remained solid.
It’s been a strong week of data for the US and was topped off with Weekly Initial Jobless claims that decreased 26,000 to a seasonally adjusted 239,000, the largest drop in 20 months and below the expectation of 265,000 by economists polled by Reuters. Federal Reserve’s Chair Jerome Powell also indicated the central bank is likely to resume its rate hike path and this is weighing on the Euro as the following technical analysis illustrates with a focus on the 1.0850s:
The current state of play is targeting the weak lows in 1.0635 as the Euro fails to make a higher high, so far.
1.0844 is a target on the 4-hout chart for the same, guarding the daily support areas below.
The hourly chart leaves 1.0850 vulnerable as a -272% Fibonacci of the recent bullish correction’s range.
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