EUR/USD to have better chances of advancing once above 1.2100.

EUR/USD recovery continues after dismal US data but at this point, further gains seem unlikely unless the pair breaks above the 1.2100 level, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The US has just published Initial Jobless Claims for the week ended February 12. The number of people seeking jobs increased to 861K, much worse than the 765K expected. January Housing Starts plunged 6% in the month, while Building Permits were up 10.4%. Discouraging US data puts additional pressure on the greenback.”

“The EUR/USD pair would have better chances of advancing once above the 1.2100 figure towards the 1.2170/80 price zone.”