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2017.05.1810:39:00UTC+00Fxwirepro: Eur/usd Runs Out of Steam But Maintains Bullish Outlook
The EUR /USD pair declined on Thursday as dollar gained some ground after stronger-than-expected U.S. economic data put the focus back on a widely anticipated increase in overnight interest rates by the Federal Reserve.
New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack.
Initial claims for state unemployment benefits decreased 4,000 to a seasonally adjusted 232,000 for the week ended May 13, the Labor Department said. That pushed claims close to levels last seen in 1973.|
However, further downside is expected to be limited as the dollar presents negative tone on uncertainty over the outlook for the Trump presidency.
To the upside, the immediate resistance can be seen at 1.1170, a break above this level would expose the pair to next resistance level at 1.1200.
To the downside, immediate support can be seen at 1.1104, a break below at this level will open the door towards next level at 1.1043.
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