FXStreet — The Euro was during the American business compared to the US Dollar recover its initial losses to catch up. The Greenback lost across a broad Front in strength and made in the EUR/USD for new bids.
Before that was the common currency with the release of good US economic data again came under pressure and fell to its lowest level since 24. April 1,0838. From the lows it went more than 40 Pips up.
In the United States, the initial claims under the unemployment insurance were down compared to the previous week to 2,000 to only 236,000 applications. In the meaningful Four-week average, the number rose from 243.000 to 243.500. The producer prices were increased in April, twice as fast as expected. They increased by 0.5 percent compared to March. Economists had only expected an increase of 0.2 percent. The core component rose by 0.4 percent. Thus, the pressure to Intervene in the Central Bank grows.
Recently the currency pair stabilized and closed with a daily gain of 0.01 percent in the case of 1,0868. Nevertheless, the chart-technical situation remains tense, and so the risks are currently rather on the bottom than on the top.
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Important Course Brands
Resistors are likely to be 1,0895 (daily high), 1,0915 (Deep 08. May) and 1,0950 (High-25. / 26. April) occur. Technical supports are at 1,0840 (daily low), 1,0775/80 (High of 20. April) and 1,0740 to find.
«The currency pair EUR/USD traded dangerously close to the key support in the Form of the 50% Fibonacci Retracements of the decline after the US election in November 2016, 1,0820. This corresponds to the lowest level in 3 weeks. The prices should fall below this level, there is a good Chance that a few weeks ago cracked price gap (Gap), whose lower edge is at 1,0730 will be closed,“ warned Valeria Bednarik, chief market analyst at FXStreet.
** FXStreet News Editorial, FXStreet**
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