EURUSD Rises amid US Job Data

FXOpen

The Euro (EUR) inched higher against the US Dollar (USD) on Friday, increasing the price of EURUSD to more than 1.1935 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 1.1944. 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).

EURUSD Rises amid US Job Data

On the downside, a support can be noted around 1.1732 (a key horizontal support) ahead of 1.1639 (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 above chart. The technical bias shall remain bullish as long as the 1.0839 support area is intact.

US Jobless Claims

U.S. consumer prices accelerated in August amid a jump in the cost of gasoline and rental accommodation, signs of firming inflation that boosted the probability of an interest rate increase from the Federal Reserve in December. Other data on Thursday showed an unexpected drop in the number of Americans filing applications for unemployment benefits last week. Though the data was impacted by hurricanes Harvey and Irma, the labor market remains healthy with increasing reports of worker shortages in some industries. August’s inflation readings support the views of some Fed officials that a cooling in price pressures in the past months was temporary.

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.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

US Dollar Strengthens Following Trump’s Tariff Decision
Forex Analysis

US Dollar Strengthens Following Trump’s Tariff Decision

US President Donald Trump has announced his decision to impose new tariffs:
→ For Canada, tariffs are set at 35%. They are scheduled to take effect on 1 August, although negotiations may take place before this date, potentially influencing Trump’s

Coinbase (COIN) Shares Reach All-Time High
Shares

Coinbase (COIN) Shares Reach All-Time High

According to the chart of Coinbase Global (COIN), the share price of the cryptocurrency exchange has reached a historical all-time high (closing price).

The bullish sentiment has been supported by the following factors:
Bitcoin price rally. Yesterday, we analysed the

 Euro in Focus – Markets on Alert
Forex Analysis

Euro in Focus – Markets on Alert

The euro is holding firm after a notable rally in recent weeks. Both the EUR/USD and EUR/JPY currency pairs are showing signs of consolidation, as markets cautiously assess the outlook against the backdrop of a packed economic calendar.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.