• Initial Claims worse than expected 380k vs 355k expected. A disappointment.
  • Trade a positive for GDP but Imports down and Exports only up small. Oil imports and consumer goods contribute
  • PPI less than expectations

Overall, not positive so seeing a move out of risk.

From a technical perspective:

  • Price is back below the broken trendline at 1.3154 and 200 hour MA at 1.3152. Moves below these levels are a disappointment to the early bulls. UGH. A move back above is now needed to swing the bias back higher on the day.
  • The decline from the top has so far stalled at the 100 bar MA on the 5 minute chart at 1.3133 (see chart below). Traders just don’t seem all that convinced of either direction at the moment. Hence the bid at defined risk. Look for stops on a break below this level.
  • The close from yesterday at 1.3108 would be the next stop on a break of the 1.3133
  • 100 hour MA at the 1.3098 would be another target if momentum continues.