FXStreet (Edinburgh) - The single currency is intensifying its intraday decline on Thursday, pushing the EUR/USD to challenge the critical support at 1.3600.



EUR/USD weaker ahead of US data



The pair continues to weaken ahead of the US weekly report on the labour market (Initial Claims at 310K exp.) and the inflation figures gauged by the PCE, against a backdrop of generalized improvement in the USD. “With US Treasury yields between 6 and 10bps lower than prior to the Fed's announcement, it would take a massive upside surprise in the PCE data set to defy the markets' current views stance on interest rates and, consequently, push the USD higher on the day”, observed Shaun Osborne, Chief FX Strategist at TD Securities.



EUR/USD levels to consider



As of writing the pair is losing 0.13% at 1.3610 and a breach of 1.3583 (low Jun.24) would target 1.3574 (low Jun.23) en route to 1.3565 (low Jun.20). On the flip side, the initial hurdle lines up at 1.3651 (high Jun.25) followed by 1.3669 (high Jun.9) and finally 1.3672 (200-d MA).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD recovery capped at 1.1090; back to 1.1050

  2. Forex News

    Greek referendum aftermath - FXStreet

  3. Forex News

    AUD/USD Greek referendum left unit trading lowest in six years

  4. Forex News

    Webinar: Greek Gaps in Focus- Technical Setups in Play this Week

  5. Forex News

    Keep an Eye on these Currency Pairs as Volatility Risks Remain High

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!