FXOpen
The Euro (EUR) inched lower against the US Dollar (USD) on Friday November 3, decreasing the price of EURUSD to less than 1.1700 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 1.1640. On the downside, a support can be noted around 1.1632 (a key horizontal support) ahead of 1.1629 (the low of the last major downside move) and then 1.1600 (the confluence of horizontal support as well as psychological number) as demonstrated in the given below chart.
On the upside, a hurdle may be noted around 1.2100 (a short-term horizontal resistance area as well as psychological number) ahead of 1.2176 (a major horizontal resistance) and then 1.2200 (the psychological number). The technical bias shall remain bullish as long as the 1.0839 support area is intact.
US Jobless Claims
The number of people who filed for unemployment assistance in the U.S. last week fell unexpectedly, staying close to the lowest level in four decades, official data showed on Thursday.
The number of individuals filing for initial jobless benefits in the week ending Oct. 28 decreased by 5,000 to a seasonally adjusted 229,000 from the previous week’s total of 234,000, the U.S. Department of Labor said.
Analysts expected jobless claims to rise by 1,000 to 235,000 last week. The four-week moving average was 232,500, down 7,250 from the previous week. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Trade Idea
Considering the overall technical and fundamental outlook, selling 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
Oracle (ORCL) Shares Fall Below $180
Yesterday, Oracle (ORCL) shares dropped by 5% following reports that investment firm Blue Owl Capital had withdrawn from financing a $10bn data centre project in Michigan.
The collapse of the deal raises questions over Oracle’s ability to meet its
Sterling Consolidates Ahead of the Bank of England Decision
Sterling is consolidating as markets await the Bank of England’s interest rate decision, while investors’ attention is gradually turning to tomorrow’s meeting of the Bank of Japan. The UK currency is moving cautiously, as markets have largely priced
Analysis of the Volatility Spike on the BTC/USD Chart
Yesterday, the BTC/USD chart saw sharp price swings during the US trading session:
→ first, Bitcoin rose by more than 3%;
→ shortly afterwards, it dropped by over 4%.
The main impulses unfolded within just a few hours and triggered liquidations