US Initial Jobless Claims rises to 290K, EURUSD is testing 1.2497/1.2508 before the next fall !

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The US US Initial Jobless Claims rises to 290K today , now focus will be on the 1.2497 /1.2508 levels as the daily chart suggests , rejection is strongly expected , , note that the pair might spike above the 1.2508 levels before the next fall .

On the downside , a rejection from the 1.2497/1.2508 levels could mean a return to the 1.2418 levels , a cut will open 1.2393/1357 next…

In all , as long as resistance 1.2497/1.2508 holds on a daily closing basis , the EURUSD will remain biased to the downside  even in case of recovery , only a daily closing above the 1.2508 will invalid the bearish scenario ………

Note that a consolidation below resistance levels is likely to bring another decline !!!!

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