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26 Feb 2015
German unemployment drops, EUR/USD remained unresponsive
FXStreet (Mumbai) - The official data released in Germany showed a drop in the unemployment number in February, despite which the EUR/USD pair remained unresponsive around 1.1354. The pair had hit a high of 1.1372 earlier today before inching lower ahead of the German data.
EUR/USD: Trades below 38.2% Fibo level
The pair continues to trade below the 38.2% Fib retracement of the minor uptrend from 1.1096 to 1.1532 located at 1.1368. The shared currency failed to recover losses even though the data in Germany showed the unemployment number fell by 20K, bettering the estimated fall of 10K. Meanwhile, the unemployment rate remained unchanged at 6.5% in February.
The focus now shifts to the Eurozone consumer confidence, Industrial confidence and economic sentiment indicator due for release later today.
EUR/USD Technical Levels
The pair currently trades at 1.1354; down 0.07% for the day. The immediate support is seen at 1.1313, under which losses could be extended to 1.1264 levels. On the flip side, a break above the immediate resistance at 1.1368 could push the pair higher to 1.1431 levels.
EUR/USD: Trades below 38.2% Fibo level
The pair continues to trade below the 38.2% Fib retracement of the minor uptrend from 1.1096 to 1.1532 located at 1.1368. The shared currency failed to recover losses even though the data in Germany showed the unemployment number fell by 20K, bettering the estimated fall of 10K. Meanwhile, the unemployment rate remained unchanged at 6.5% in February.
The focus now shifts to the Eurozone consumer confidence, Industrial confidence and economic sentiment indicator due for release later today.
EUR/USD Technical Levels
The pair currently trades at 1.1354; down 0.07% for the day. The immediate support is seen at 1.1313, under which losses could be extended to 1.1264 levels. On the flip side, a break above the immediate resistance at 1.1368 could push the pair higher to 1.1431 levels.