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US unemployment claims came in better than expected. These statistics served as a catalyst for the US dollar's rally. The number of continued jobless claims contracted to 1.799 million from 1.807 million last week. Besides, the number of initial claims for unemployment benefits went down to 242K from 264K.
In the course of the inertial move, EUR/USD passed the support level of 1.0800. The euro has weakened by nearly 3% over a two-week correctional decline. All in all, EUR/USD has lost more than 300 pips.
GBP/USD extended its fall yesterday, indicating a further correctional move. The pound sterling has lost more than 250 pips for 1.5 weeks of the downward correction.
Today the economic calendar does not contain significant data for Europe, the UK, and the US. Nevertheless, market participants are alert to comments by the ECB and the Federal Reserve's representatives. So, their remarks could influence market sentiment.
Events on schedule
FOMC member John Williams will speak at 12:45 GMT
FOMC member Michelle Bowmanwill speak at 13:00 GMT
ECB Executive Board member Isabel Schnabel will speak at 14:55 GMT
Fed Chairman Jerome Powell will speak at 15:00 GMT
ECB President Christine Laragde will speak at 19:00 GMT
The euro's serious weakness generated a technical signal on the daily chart that it is oversold. In this context, traders are expected to cut on short positions. In turn, this could enable the price retracement at least to 1.0800.
However, considering various scenarios, we should not rule out the likelihood of a further decline provided that the price settles below 1.0750. In this case, speculators could neglect an oversold technical signal of EUR/USD. If so, the instrument could its inertial move, but it would be unstable and eventually, would be interrupted with a retracement.
If the market maintains bearish sentiment, the odds are that the instrument will move towards support at 1.2350. At this level, traders could cut on short positions. Thus, the currency pair could slow down a downward correction.
The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: the opening price, closing price, intraday high and low.
Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance.
Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future.
The up/down arrows are landmarks of the possible price direction in the future.
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