FXOpen
The Euro (EUR) inched higher against the US Dollar (USD) on Wednesday, increasing the price of EURUSD to more than 1.1825 following some key economic events. The technical bias has however turned bullish because of a higher high in the recent upside rally.
EUR/USD Technical Analysis
As of this writing, the pair is being traded near 1.1839. A hurdle may be noted around 1.1900 (a short-term horizontal resistance area as well as psychological number) ahead of 1.1876 (the low of 2010) and then 1.1900 (the psychological number).
On the downside, a support can be noted around 1.1332 (a key horizontal support) ahead of 1.0839 (the low of the last major downside move) and then 1.0800 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0839 support area is intact.
German Unemployment
The number of unemployed persons in Germany ticked down by 9000 in July, helping the jobless rate hold steady at a historic low of 5.7 per cent.
Monthly jobless queues in Europe’s biggest economy contracted for the ninth consecutive month to 2.537 million people in seasonally adjusted terms, the Federal Labour Agency said on Tuesday.
Analysts had expected the data to show unemployment falling by 5000.
At 5.7 per cent, the July jobless rate remains at its lowest level since German unification in 1990.
Trade Idea
Considering the overall technical and fundamental outlook, buying the pair around current levels may be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
An Important Bullish Pattern Forms on the NIO Share Price Chart
Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,
S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses
USD/CAD Consolidates
In the second half of April, the USD/CAD chart has shown a decline in volatility following significant spikes observed since February.
The Canadian dollar has stabilised against the US dollar within the 1.390–1.380 range over the