The euro made a new 2-month high against the dollar on Thursday after rallying on German unemployment data. The unemployment rate remained unchanged at 6.9% while the jobless total was in line with expectations and unchanged at 2.8 million.
EURUSD extended higher after the data to climb back above the key 1.36 handle to hit a high of 1.3617.
The trend is bullish based on technical studies. The price action is above the 100-day moving average while the pair just crossed above its 50-day moving average. RSI in bullish territory and not yet overbought. Prices are above the uptrend line since the September low.
The 1.3650 level is seen as a key resistance level and it will be a big challenge to break above it. A daily close above this level could open the way to the next key level at 1.3700 and maybe target 1.3831 which is the October 25 high.
On the downside, a close back below the 1.3450 level would put the pair under pressure to reverse to a bullish scenario.
The euro made a new 2-month high against the dollar on Thursday after rallying on German unemployment data. The unemployment rate remained unchanged at 6.9% while the jobless total was in line with expectations and unchanged at 2.8 million.
EURUSD extended higher after the data to climb back above the key 1.36 handle to hit a high of 1.3617.
The trend is bullish based on technical studies. The price action is above the 100-day moving average while the pair just crossed above its 50-day moving average. RSI in bullish territory and not yet overbought. Prices are above the uptrend line since the September low.
The 1.3650 level is seen as a key resistance level and it will be a big challenge to break above it. A daily close above this level could open the way to the next key level at 1.3700 and maybe target 1.3831 which is the October 25 high.
On the downside, a close back below the 1.3450 level would put the pair under pressure to reverse to a bullish scenario.
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