30 Oct 2013
EUR/USD climbs to 1.3770
FXstreet.com (Edinburgh) -The shared currency is now attempting to break above the previous congestion pattern around 1.3740, lifting the EUR/USD to the boundaries of 1.3770 after German data.
EUR/USD posts marginal gains
The decent results from the German labour market during October gave the pair some oxygen after the jobless rate stayed put at 6.9% and the unemployment change increased by a marginal 2K vs. 0K expected. Carsten Brzeski, Analyst at ING, assessed, “Nevertheless, today’s numbers should not deviate from the fact that the German labour market has probably reached its natural level of unemployment. The de facto stagnation of both unemployment and employment rates since the beginning of the year sends a clear signal”. Ahead in the morning, EMU’s Consumer Confidence and Economic Sentiment will be in the limelight ahead of the slew of US data and the FOMC statement.
EUR/USD key levels
The pair is now advancing 0.09% at 1.3758 with the next resistance at 1.3818 (high Oct.28) ahead of 1.3833 (2013 high Oct.25) and finally 1.3859 (high Nov.11 2011). On the flip side, a break below 1.3727 (MA10d) would expose the psychological level at 1.3700 followed by 1.3662 (low Oct.22).
EUR/USD posts marginal gains
The decent results from the German labour market during October gave the pair some oxygen after the jobless rate stayed put at 6.9% and the unemployment change increased by a marginal 2K vs. 0K expected. Carsten Brzeski, Analyst at ING, assessed, “Nevertheless, today’s numbers should not deviate from the fact that the German labour market has probably reached its natural level of unemployment. The de facto stagnation of both unemployment and employment rates since the beginning of the year sends a clear signal”. Ahead in the morning, EMU’s Consumer Confidence and Economic Sentiment will be in the limelight ahead of the slew of US data and the FOMC statement.
EUR/USD key levels
The pair is now advancing 0.09% at 1.3758 with the next resistance at 1.3818 (high Oct.28) ahead of 1.3833 (2013 high Oct.25) and finally 1.3859 (high Nov.11 2011). On the flip side, a break below 1.3727 (MA10d) would expose the psychological level at 1.3700 followed by 1.3662 (low Oct.22).