EUR/USD rises as the dollar is sold. Above 100 hours MA.
The US dollar is under increasing pressure. Initial jobless claims in the US were weaker and began to decline.
For EURUSD, it is moving above the technical zone defined by the swing zone between 1.0752 and 1.0756 (see chart above). The price is also moving away from its 100 hour moving average at 1.07579. The high price has just reached 1.07796.
The next major target area is opposite the 50% midpoint of the downward move from the March high. This level comes at 1.07906. Just above this level is the 200-day moving average at 1.0792. Breaking above these levels – and staying above them – would shift buyers further to the upside. On unemployment history last week, the price moved above those levels only to come back down shortly thereafter. Hence the importance of the level in the future.
