The EUR/USD currency pairing
- Prev Open: 0.9813
- Prev Close: 0.9748
- %chg. in the last day: 0.67 %
The seasonally adjusted unemployment rate in the Eurozone was 6.6% in September 2022, down from 6.7% in August. Europe’s labor market thus remains resilient, allowing the ECB to be more flexible in its interest rate hike cycle. Usually, if the labor force starts to fall and the unemployment rate rises, then the ECB will immediately change its monetary policy to be less hawkish. However, as long the labor market remains strong, the ECB can act freely.
- Support levels: 0.9755, 0.9702, 0.9601
- Resistance levels: 0.9823 to 0.9871, 1.0555, 1.0111 and 1.062, 1.0230
Technically, the EUR/USD currency pair’s trend is bullish on an hourly basis. The price is trading below the moving levels but above the priority change level of 0.9755. The MACD indicator is in the negative zone, but sellers’ pressure is weak due to divergence. Under such market conditions, buy trades should be considered from the support level of 0.9755, but with additional confirmation, as the level has already been tested. It is possible to sell deals…