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Market Analysis

Home » Featured » EURUSD – Can The Euro Push Higher?

EURUSD – Can The Euro Push Higher?

Posted by FXTimes in Featured - February 2nd, 2016 1:22 pm GMT

euro eurusd eurchf

Key Points

  • Euro traded higher during the past couple of sessions against the US Dollar and looks set for more gains.
  • There is an interesting breakout pattern forming on the hourly chart, which may ignite the next rally in the EURUSD pair.
  • The German Unemployment Change published by the German Statistics Office posted a change of -20K in Jan 2016, which was a lot better than the forecast of -6K.
  • The German Unemployment also dropped from 6.3% to 6.2% in Jan 2016.

Technical Analysis

The Euro moved higher today against the US Dollar, and traded near the 1.0920 area. There are a couple of trend lines formed on the downside, and on the upside. The pair is finding it hard to clear the resistance trend line, but a break is on the cards moving ahead.

EURUSD

A break above the resistance trend line may take the EURUSD pair higher. In that situation, the EURUSD pair could even test 1.10.

On the downside, a break below the support trend lines might call a change in the trend.

German Unemployment Change

Today, there was a major release in the Euro Area, as the German Unemployment Change report was published by the German Statistics Office. It marks the absolute change in the number of unemployed people in Germany and was forecasted to post a reading of -6K in January 2016. The outcome was above the forecast, as the German Unemployment Change came in at -20K in Jan 2016.

Moreover, the German Unemployment also dropped from 6.3% to 6.2% in Jan 2016, which boosted the Euro in the short term.

Overall, it looks like the EURUSD pair may head higher and break the highlighted trend line and resistance area.

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