EUR/USD Reaches Session Highs Near 1.0800 After US Jobless Claims

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  • The Dollar extended its reversal as US Jobless Claims increased.
  • These figures confirm the view that the US labor market is deteriorating.
  • EUR/USD remains bearish while below 1.0850.
  • The Euro bounced up ahead of Thursday’s session opening times with the US Dollar extending its reversal. US Jobless claims have confirmed that the labor market is losing steam.Claims for unemployment insurance in the US increased to 220,000 in the last week of November, up from 218,000 claims in the previous week.This confirms the trend suggested by the US Jolts openings and the ADP report earlier this week and backs the narrative of softer economic growth and weaker employment consistent with the theory that the Federal Reserve might start to roll back its tightening cycle in the first quarter of 2024.From a wider perspective, the picture remains little changed, with the near-term bearish bias intact while below 1.0800 and 1.0860. On the downside, 1.0750 is likely to provide support ahead of 1.0660.
     Technical levels to watchEUR/USD

    OVERVIEW Today last price 1.079 Today Daily Change 0.0028 Today Daily Change % 0.26 Today daily open 1.0762 TRENDS Daily SMA20 1.086 Daily SMA50 1.0696 Daily SMA100 1.0771 Daily SMA200 1.0821 LEVELS Previous Daily High 1.0805 Previous Daily Low 1.0759 Previous Weekly High 1.1017 Previous Weekly Low 1.0829 Previous Monthly High 1.1017 Previous Monthly Low 1.0517 Daily Fibonacci 38.2% 1.0776 Daily Fibonacci 61.8% 1.0787 Daily Pivot Point S1 1.0746 Daily Pivot Point S2 1.0729 Daily Pivot Point S3 1.07 Daily Pivot Point R1 1.0792 Daily Pivot Point R2 1.0821 Daily Pivot Point R3 1.0838

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