Economic data from the United States on Thursday saw a string of weak reports. As a result, the euro maintained its gains. The weekly jobless claims came in at 214,000 in line with the estimates.
Housing starts rose 1.26 million coming below estimates. Industrial production was down, falling 0.4%. This was more than the estimates of a 0.2% decline.
Will the EUR/USD Maintain the Uptrend?
The currency pair is in a short-term uptrend. This was confirmed after price breached the resistance area of 1.1075–1.1062. The current gains could see price action aiming for the upper resistance area of 1.1193–1.1176. In the near term though, price action could see a correction back to 1.1075–1.1062.
A retest of this level to establish support will confirm the upside. Alternatively, the bullish momentum could see price rising straight for the resistance level.
