The rate has increased today and has kissed new highs, has managed to jump above the 1.0684 Monday’s high and looks motivated to increase further on the short term. Has increased as the USDX has slipped lower even if the United States economic data have come in better, but the price is driving higher by the technical factors, I’ve said in my previous analysis that the rate is expected to increase further on the short term because has found temporary support. Could increase also because the USDX could slip much lower on the short term.

Personally, I was a little surprised that the USD has fallen today after some impressive US numbers, the Unemployment Rate has dropped unexpectedly lower, from 4.9% to 4.6%, has come much better than the 4.9% estimate. The US Unemployment Rate has reached the September 2007 low, but wasn’t able to save the USD from downside, moreover the Non-Farm employment Change has come better than expected, the United States have added 178K jobs in November, more versus the 177K estimate and much more than the 142K since October. Unfortunately the Average Hourly Earnings have fallen by 0.1%, even if the economists have forecasted a 0.2% growth.

You can see on the Daily chart that the rate has resumed the bounce back and it was very close to reach the sliding parallel line (descending dotted line), most likely will approach also the median line of the descending pitchfork, could increase further as long as is trading inside the minor ascending pitchfork. We may have a larger throwback if the USDX will fall below the 100.39 static support level, the current increase was expected after the price has failed to  close below the 1.0521 level, actually has failed even to close on this downside obstacle. Is expected to climb higher after the failure to retest the lower median line (lml) of the descending pitchfork, the rate could plunge again if the FED will hike the rate, so the current rebound is understandable because it was too oversold to drop deeper right now.