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May 09 - 01:55 PM

EUR/USD - COMMENT-EUR/USD Longs Encouraged By Bullish Outside Day

By Justin Mcqueen  —  May 09 - 12:25 PM

EUR/USD has drifted higher throughout Thursday’s session, receiving a boost from the much softer than expected U.S. jobless claims data – highest since August 2023 -- which leaves bulls setting their sights set on the 200-DMA (1.0794).

So far that marker has kept a lid on the EUR/USD topside, but the miss on jobless claims backs the view that U.S. data is beginning to soften, particularly after last week’s payrolls report.

It is important to highlight that this is just one jobless claims report and thus it is difficult to discern whether the figures represent noise or signal.

What the data will do is heighten the risk attached to next week’s figures, but before then will be the all-important U.S. inflation report due May 15.

EUR/USD is potentially forming a bullish outside day.
Completion of that pattern would be an encouraging sign for longs, though, a break of the 200-DMA will be needed to see a pick-up in topside momentum.

On the downside, support resides at 1.0732 (200-HMA), whereby a break below would likely put the single currency on course for a test of 1.07.

As has been the case for this week, volatility is subdued, consequently price action is likely to remain contained amid a dearth of key catalysts.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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