EUR/USD to extend the correction below 1.1310

The EUR/USD pair hovers around the 1.1370 level this Thursday, marginally lower daily basis, and could correct lower once below 1.1310, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes 

“The US has just published Initial Jobless Claims for the week ended June 5, which came in at  1.54 million, slightly better than anticipated. The Producer Price Index in the country rose by 0.4% in the month and increased by 0.3% when compared to a year earlier.”

“The 4-hour chart shows that a mildly bullish 20 SMA continues to provide intraday support around the mentioned daily low. Technical indicators, in the meantime, turned lower but hold within positive levels.”

“The 100 and 200 SMA maintain their bullish slopes far below the current level. The bearish case could be stronger if the pair pierces the 1.1310 static support level.”