The USD is coming under increasing pressure. The US initial jobless claims came in weaker and that started the decline.
For the EURUSD, it is moving above a technical area defined by a swing area between 1.0752 and 1.0756 (see chart above). The price is also running away from its 100-hour moving average at 1.07579. The high price has just reached 1.07796.
The next key target area comes against the 50% midpoint of the move down from the March high. That level comes in at 1.07906. Just above that level is the 200-day moving average at 1.0792. Getting above those levels – and staying above – would shift the buyers more to the upside. On the unemployment date last week, the price did move above those levels only to rotate back below shortly thereafter. Hence, the importance of the level going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source