Euro Decline Amid Unemployment Rate News Release

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The Euro (EUR) slid down against the US Dollar (USD) after lapping heights. The Bundesagentur für Arbeit reported the unemployment rate and published it by the German. With a reported figure of 5 percent the month before, it remained unchanged this month.

The percentage of unemployment, based on seasonally adjusted statistics, indicates the number of unemployed people in Germany. la

As of this review, the EURUSD will be traded about 1,1068, with many levels of resistance ahead. The first level of resistance maybe around 1.1082, the main horizontal resistance ahead of 1.1102, the resistance of the trend line. Both of these levels may further limit the price of rising. The price can then reach the level of 61.8 percent Fib near to 1.1129 as shown in the following chart.

EURUSD

Whereas the Market PMI composite news reflects the pair’s favorable economic condition with a 44.1 reading this month compared to the previous month’s 43.8. This Market PMI composite statistics on the manufacturing and service sectors, taking into account each sector’s contribution to the country’s overall manufacturing output. A reading close to or above 50 will have a positive effect.

Likewise, the Eurozone Consumer Price Index published by Eurostat also shows positive effects with more than 03 points from last month pointing to optimistic developments in buying and inflation in the Eurozone. In general, a high reading anticipates a hawkish (or bullish) attitude for the EUR.

Conclusion

Looking at the overall price activity of the pair over the past few days, it may not be a smart decision to sell EURUSD for short- to medium-term around current levels.

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