US jobless claims data for the previous week was released at 1:30 pm BST. Report showed lower readings for both initial and continuing claims, what can be seen as a positive sign.
- Initial jobless claims: 340k vs 345k expected (353k previously)
- Continuing claims: 2748k vs 2808k expected (2862k previously)
While a drop in claims can be seen as a positive following last week’s weaker reading, market did not seem to care. EURUSD experienced a very small reaction in the aftermath of the data release and most of that gain has been erased by now. The 1.1834 area is a short-term support to watch on the pair as it marks the neckline of a double top. Breaking below this hurdle could pave the way for a bigger drop.