Initial claims show job market still strong

The US data did not come in worse than expected as Initial Claims fell to the lowest level since 1973 and core CPI was higher. Empire was weaker but the market is focused on the other data.

The EURUSD is pushing lower - breaking below the 100 hour MA at the 1.1395 level (now resistance) and trend lines connecting lows. The 1.1357 is the next downside target for the pair. The low for the week comes in at 1.1343.

Look for traders to respect the 100 hour MA on corrections. A move back above that MA would not be all that welcomed (might give up to 1.1403 or so given the 114.00 level close by).