Yet, its the bad day for EURUSD, by moving a very smooth upward movement, today the EUR faced the terrible fall by dropping its price at 1.3152. Although, it was the great journey of EURUSD that substantially moved the pair’s position and strengthened it from the last days before as shown in the attached graph.
Today’s falls happened due to the decrease in unemployment change in the US is one of the main reasons for this failure.
The U.S. unemployment rate reported by the U.S. Labor Statistics Bureau, which decreases the figure by 3.5 percent from the last month’s 3.6%, a percentage that grows by dividing the number of unemployed employees by the total civilian labor force. It reflects the percentage of individuals actively seeking employment and willing to work. The growing economy is seeing the unemployment rate dropping.
Luckily, the price of pair is in the position that now multiple support levels are standing in the back of the price that tries their best to move the price up to the optimal level. At 1.1326, there is the first support level Fibonacci level, soon after it, there is another combination of Fibonacci level and trendline at 1.1220, and then the major horizontal support supported the price at 1.1137.
On the contrary side of the pair’s price, the graph reflected the resistance levels that might push the price toward the downside, at 1.1477, it might get the major horizontal resistance.
Conclusion
The EURUSD is quite better than the past few days and now it’s openly welcome the short and long term traders.