27 Jun 2013
German Unemployment rate next: impact on EUR/USD
Fxstreet.com (Edinburgh) - The German jobless rate is due next, with market consensus expecting the unemployment rate to stay put at 6.9% for the month of June. The Unemployment Change is expected to shrink to 8K from 21K in the previous month.
The EUR/USD keeps today’s range around 1.3020/30, with market participants closely watching the events from the EcoFin meeting. Relevant levels to watch will be yesterday’s low at 1.5297 ahead of 1.5273 (low June 4th). On the upside, the initial barrier emerges at 1.5343 (low June 24th) ahead of the 55-day moving average at 1.5386.
“As for the short term, the EUR/USD remains under pressure, with the hourly chart showing momentum heading north below its midline RSI flat around 30, and the 20 SMA down to 1.3045, offering some dynamic resistance in case of recoveries”, noted Valeria Bedanarik, Currency Strategist at FXstreet.com.
The EUR/USD keeps today’s range around 1.3020/30, with market participants closely watching the events from the EcoFin meeting. Relevant levels to watch will be yesterday’s low at 1.5297 ahead of 1.5273 (low June 4th). On the upside, the initial barrier emerges at 1.5343 (low June 24th) ahead of the 55-day moving average at 1.5386.
“As for the short term, the EUR/USD remains under pressure, with the hourly chart showing momentum heading north below its midline RSI flat around 30, and the 20 SMA down to 1.3045, offering some dynamic resistance in case of recoveries”, noted Valeria Bedanarik, Currency Strategist at FXstreet.com.