The common European currency has been under the seller’s pressure since Tuesday. The currency pair has been going down from 1.2839. The currency pair went down to 1.2613 yesterday and then recovered a little bit. At this point, this is the low of the week.
Yesterday, right amid the American trading session, the common currency started regaining some of its value against the US Dollar, thereby managing to reach the intraday high at 1.2676. It is interesting to note that the recovery took place despite positive economic figures from the USA.
At first, the US Department of Labor revealed strong labor market data despite an insignificant increase in the amount of jobless claims during the same reporting period. The amount of jobless claims increase by 17 000 up to 283 000. Still, this factor doesn’t mean the US labor market is currently weak.
EURUSD
The H1 chart of EURUSD, courtesy of Masterforex-v Academy shows us that the currency pair is still developing the short-term move down started at October’s high of 1.2885. The current bearish move includes 3 waves: 1.2885-1.2705 + 1.2705-1.2839 + 1.2839-1.2613. Still, the 3rd wave my turn out to be the 3rd sub-wave of wave 3 if there is a break below the 1.2613 low. This move will resume the short-term downtrend, Masterforex-V Academy reports.
