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Forex pairs in this Article » EUR/USD (New York) - The EUR/USD foreign exchange rate sailed higher Thursday morning, eliminating a portion of its losses after an ECB-induced collapse that saw interest rates held at 0.5%.

Earlier today in the United States, Initial Jobless Claims (July 26) came in at 326k, beating estimates of 345k. Moreover, Continuing Jobless Claims (July 20) yielded a figure of 2.951M, against expectations of 2.994M. Finally, Markit Manufacturing PMI improved to 53.7, besting a projection of only 53.1.

EUR/USD strategic bias

Technically speaking, the EUR/USD is now operating at 1.3261, still incurring a fall of -0.33% despite the recent recovery. The analyst team calculates short-term supports for the EUR/USD at 1.3265, ahead of 1.3234, and 1.3207, calculates the Danske Research Team.

According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has attempted to erode the 2013 resistance line at 1.3325 but has not succeeded in doing so, and has reacted lower. Directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. Near-term further attempts at this resistance should be allowed for.”
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