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EURUSD: pair aims to break out of current channel to the downside

The EURUSD pair posted mild gains after retracing to a local high on February 11. The price action started out near 1.2120, followed by a decline to 1.2115, which then yielded to gains. The pair traded up to 1.2150, the highest mark since January 29, but fell back to 1.2130 by the close.

Sluggish US labor market data helped keep the dollar on the back foot as initial weekly jobless claims increased by 793,000, falling short of 757,000 as projected by the median forecast. Continuing claims reached 4.545 mln vs. 4.490 mln expected.

The single currency has seen marginal losses on Friday morning, dropping to the vicinity of 1.2120. Technically speaking, the pair is trading within a weakly ascending channel according to the M15 timeframe. However, the slope of this channel is so low that it is virtually indistinguishable from a side trend. In addition, EURUSD has been attempting to break out of this channel to the downside, which could lead to selling.

As for today's key macro news, FX players are advised to watch at 18:00 GMT for the preliminary University of Michigan consumer expectation index for February. It is based on a survey of consumers about their level of confidence in the US economy. The index is a bellwether for consumer confidence in economic growth as it gauges their willingness to spend money. Experts expect the index to rise to 80.8, up from 79.0 in January.

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