EUR/USD scope for movement up to 1.3417

FXstreet.com (New York) - The EUR/USD foreign exchange rate has seen its rally falter at the 1.3360 region Thursday morning during US trading, as this level has seemingly derailed any prolonged attempts higher thus far.

In the United States, Initial Jobless Claims (August 3) were reported at 333K, beating expectations of 336K. Moreover, Continuing Jobless Claims (July 27) yielded a figure of 3.018M, relative to a projection of 2.950M.

EUR/USD strategic bias

According to Karen Jones, an analyst at Commerzbank, "EUR/USD has started to erode the 2013 resistance line currently at 1.3327 - directly overhead lies the key resistance at 1.3346/1.3417. This is where the 2011-2013 downtrend, the 200-week MA and the June high meet and we look for it to hold the topside and provoke failure. Loss of last weeks low at 1.3188 is needed to alleviate immediate upside pressure. Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold."

EUR/USD technical levels

At the time of writing, the EUR/USD is presently operating at 1.3360 Thursday, climbing at a rate of +0.18% above its opening. Having settled after its initial spark towards 1.3370 (intraday high), the pair has maintained a far narrower path around the 1.3360 region. Technically speaking, the EUR/USD is constrained by resistances at 1.3362, onto 1.3396, and finally 1.3446, calculates the Mataf.net analyst team.