Initial jobless claims awaited
The EURUSD is trading at new session highs as traders await the weekly initial jobless claims. The expectations is for claims to come in at 271K vs. 274K, last week. Yesterday the FOMC minutes from their last policy meeting gave traders cause for pause that a September hike was imminent. This helped send the greenback to the downside.
Technically, the pair kept the bullish bias started going. Yesterday, the price extended above the 100 hour (blue line in the chart above) at the 1.1089 level after the release of the minutes. Today, the lows in trading held above the 38.2% of the move up from that pre-FOMC low (see 5 minute chart below). The move higher has the pair reaching toward the highs for the month at 1.11879 and 1.12128. On the downside, keep an eye for support buyers at the 1.1144 to 1.11537 area. This is the 38.2 to 50% retracement of the move up today.
