Euro

EUR/USD Analysis – Euro To Extend Correction Vs US Dollar

  • The Euro after trading above the 1.1440 level against the US Dollar started a downside move.
  • The EUR/USD pair is following two bearish trend lines with resistances as 1.1369 and 1.1385 on the hourly chart.
  • Today in the Euro Zone, the Spanish Unemployment Change figure for June 2017 was released by the Spanish Government.
  • The outcome was disappointing, as the change was -98.3K, less than the forecast of -120.3K.

EUR/USD Technical Analysis

The Euro enjoyed good gains this past week and traded a few pips above the 1.1440 level against the US Dollar.

The EUR/USD pair traded as high as 1.1443 where it faced resistance. The pair attempted a break on a few times, but failed and started a downside move.

EUR/USD Hourly Chart

EUR/USD Technical Analysis

It is following two bearish trend lines with resistances as 1.1369 and 1.1385 on the hourly chart. EUR/USD has already breached the 23.6% Fib retracement level of the last wave from the 1.1170 low to 1.1443 high.

The pair is under pressure, and currently holding the 1.1340-50 support. A break below it could take it towards the 50% Fib retracement level of the last wave from the 1.1170 low to 1.1443 high at 1.1307.

As long as the trend lines and resistance near 1.1380 is intact, the pair might correct further and test the 1.1300 handle in the near term.

Spanish Unemployment Change

Today in the Euro Zone, the Spanish Unemployment Change figure for June 2017 was released by the Spanish Government. The forecast was lined up for a change of -120.3K in June 2017, compared with the last -111.9K.

Recently, the outcome was disappointing, as the change was -98.3K. In terms of the yearly change, there was a decline of 404,243 people in the unemployment. It is the best figure for the June month, as the net decline was more than 10%. When we look at the youth under age 25, the unemployment fell by 16.5%.

However, the EUR/USD pair was not impressed much, and the pair may continue to decline to test the 1.1300 support.

About Aayush Jindal 109 Articles
With over 10 years of experience and still counting, Aayush posses great technical and fundamental analysis skills in the Forex, Cryptocurrency and Financial Markets. His Analysis are well-know and famous for engaging with viewers easily. He is from IT background with a lot of passion in the Forex and Cryptocurrency Arena.


Leave a Reply

Be the first to comment