Key Points
- The Euro traded higher this week against the US Dollar, and currently above 1.0800.
- There was a break above a bearish trend line at 1.0795 on the hourly chart of EURUSD.
- Today in the Euro Zone, the Unemployment Survey was released by the Spanish Government.
- The result was better, as there was a change of 57.3K in Jan 2017, less than the forecast of 60.2K.
EURUSD Technical Analysis
The Euro remained in a bullish trend against the US Dollar, as it moved above the 1.0800 resistance. There was a nice upside move, as the EURUSD pair also cleared a bearish trend line at 1.0795 on the hourly chart.
At the moment, the pair is trading near the last swing high of 1.0813. A break above it would call for a move towards the 1.236 extension of the last decline from the 1.0813 high to 1.0730 low.
On the downside, there is a bullish trend line with support at 1.0790. So, if the pair moves down, the trend line may stop the downside at 1.0790-1.0780.
Spanish Unemployment Survey
Today in the Euro Zone, the Spanish Unemployment Survey, which shows the number of unemployed workers added during the previous month was released by the Spanish Government. The market was expecting a change of 60.2K in Jan 2017.
However, the result was better, as there was a change of 57.3K in Jan 2017. The report added that the “number of unemployed registered in the offices of the Public Employment Services has risen in January by 57,257 people in relation to the previous month. In all the months of January of the historical series registered unemployment has grown. In the last 8 years unemployment has increased in January, on average, by 126,563 people”.
Overall, the Euro has hardly any reason to move down, so it may trade higher towards 1.0840 in the short term.
