- Euro recently corrected higher after trading lower towards the 131.60 support area.
- The upside looks like found resistance near the 50 hourly simple moving average, which is acting as a hurdle for buyers.
- German Unemployment Rate published by the German Statistics Office remained at 6.4% in September 2015 as per the expectation.
- German Unemployment Change seasonally adjusted came in at -5K in September 2015 as forecasted.
The EURJPY pair recently started a correction phase, which found resistance near the 61.8% Fib retracement level of the last drop from the 133.55 high to 131.58 low. The stated level was positioned with the 50 hourly simple moving average and the last support turned resistance area of 132.70.
Overall, the pair is struggling to clear the stated level, and it might be the case that the pair could resume its move down from the current levels.
On the downside, an initial support is around 132.10, followed by 132.00.
German Employment Report
Earlier during the London session, the Euro Zone saw many economic releases especially Germany. The German Unemployment Rate (in a percent basis) that shows the amount of unemployed people in Germany was reported by the German Statistics Office. The market was not expecting any change in the rate from the last 6.4% in September 2015. The end result was in line with the forecast, as the German Unemployment Rate came in at 6.4%.
Second, the German Unemployment Change, representing the measure of the absolute change in the number of unemployed people in Germany was also reported. It registered a change of -5K in September 2015, which was again in line with the forecast.
However, there was no major reaction for the shared currency. The EURJPY pair found resistance and it looks like the pair might head lower moving ahead.