The Euro (EUR) inched higher against the US Dollar (USD) amid stats with respect to the rate employment were released by the Eurostat. With a reported figure of 7.6% the month before, it remained 7.5% this month same as was expected by the economists i-e 7.5%.
The Unemployment Rate released by the Eurostat is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator of the European Economy. If the rate is up, it indicates a lack of expansion within the European lobar market. As a result, a rise leads to weaken the European economy. Generally speaking, a decrease of the figure is seen as positive (or bullish) for the EUR, while an increase is seen as negative (or bearish).
As of this writing, the pair is being traded around 1.1022, just falling below two immediate resistance levels including the major horizontal and trendline resistance. It seems that the pair will struggle to break through the resistance levels and rise up.
The Market PMI composite news also suggests a favorable economic condition for the pair with a reading of 53.6, this month as compared to 52.8, the previous month. The reading remained higher than the consensus of the market leaders which was 52.7.
The Market Economics releases monthly PMI composite stats on the manufacturing and service sectors after taking into account the contribution made by each sector towards the total manufacturing output of the country. A reading above 50 is supposed to have a positive impact and vice versa.
Trading EURUSD for a short term position can be profitable but opening a long term position might also work fine.