US initial and continuing jobless goods demand stronger than expected. The result corresponded with the survey week for the BLS is jobs report to be released in early February. The data helped reverse the US dollars fortunes. The early move was to the downside as yields also moved lower, but both have reversed and why now looking stronger.
For the EURUSD it has reversed back down toward its 200-day moving average at 1.0846. The low price has reached 1.08498. Recall from yesterday the price moved below the 200-day moving average but only by four pips before reversing back to the upside. The moving average will be the key barometer for both buyers and sellers today and going forward. Staying above is more bullish. Moving below is more bearish.
The USDJPY finally corrected some of the trend-like gains seen this week in the Asian and early European session, but also reversed back to the upside thanks to the stronger-than-expected claims data. On the top side, a swing area between 148.45 and 148.59 is the next upside target. Yesterday the price moved within that range and found willing sellers, correcting to the downside.
The GBPUSD yesterday moved below a floor area between 1.2602 and 1.26137. The break should have sent the price trundling to the downside, but when momentum faded and the price moved back above the high of the swing area, sellers turned to buyers. The price high in trading here today was able to extend briefly above its falling 100-hour moving average. The claims data has perspired back to the downside. The bias remains more negative below the 100 hour moving average but the price also remains within the ups and downs seen since mid December with 1.2600 the lower extreme and 1.2800 near the high of the range.
This article was written by Greg Michalowski at www.forexlive.com. Source