Today we will got acquainted with two last in this week data releases coming from USA. Namely Initial Claims and Pending Home Sales. Data stating current condition of labor market is expected to improve this week and be equal to 416K (4K less than in previous week). Current expectations are in line with ongoing recovery in U.S. labor area.
Glancing at current situation on EURUSD chart, we recommend to try trading on Jobless Claims news. In the scenario of highly optimistic information emerged, we assume EURUSD to sharply drop and break a support level of 1.3200, which is Fibonacci retracement (chart below).
Remaining U.S. data release – Pending Home Sales – will give us an insights in probably the most vulnerable part of entire U.S. economy, the housing industry. Albeit 1.8 percent growth is expected, we recommend not to pay any attention to forecast value as in the past it virtually never was accurate.
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