Initial Jobless claims came out today higher than expected at 282k against a forecast of 263k. Again this puts doubts on the prospects of a rate hike in the US any time soon.
Looking at the day chart we can see that the retracement from its last high has reached the 61.8% Fibonacci line closing above it yesterday and moving away from it today. The stochastic Oscillator and ADX are both showing signs of oversold. On the 4 hour candle chart we can see how during the last 16 candles price action has brushed the 61.8% line but always closed above it. The Stochastic Oscillator is showing upward momentum and the DMI is also crossed over to upward momentum. I see the first resistance, 50% line, at 1.0983 for tomorrow and if that is broken then the next resistance should be at 1.1091 on the 38.2% line.

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