Improved Jobless Claims But…

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HotForex Market Review
HotForex Market Review

…worse than expected, as an anticipation of 221K new registrants in the unemployment pool contrasted with the data release of 234K, despite improving in comparison to the 253K registered last week.

The USD lost steam against the Swissy, with the total effect of the move standing at about 14 pips. Also in anticipation of the Kaplan, Clarida, and Bullard speeches, the safe haven asset gained from the announcement, moving in line with the downwards trend observed in through the 5- and 14-period moving averages in the 15-minute chart, with a Support level at the 200-period moving average around 1.0010. The same also holds in the 1-hour chart, but the pair appears to be making a move towards parity, with Support levels at 1.0011 (Fib. 38.2%) and 1.0006 (Fib. 50%), while the Resistance level would stand at 1.0018.

As suggested, the three talks are likely to have an impact on the Dollar, thus traders need to factor that into their strategies as well.

Click here to access the Economic Calendar

Dr Nektarios Michail

Market Analyst

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