Forex news: EUR/USD falls on unemployment rate
EMU’s unemployment rate has dropped as expected from 10.8% to 10.9% in March, being one more weight in the already heavy EUR/USD.
The 90-pip fall that found some support around 1.3160 area could extend further as the pair looks for more lows, now at 1.3158. Today's risk-off sentiment came after weak manufacturing data in Germany and EMU.
“I think, that yesterday's high at 1.3283 was the peak of the prolonged rise from 1.2996 and my outlook is already bearish, for a break through 1.3204, en route to 1.3070”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3245.
The 90-pip fall that found some support around 1.3160 area could extend further as the pair looks for more lows, now at 1.3158. Today's risk-off sentiment came after weak manufacturing data in Germany and EMU.
“I think, that yesterday's high at 1.3283 was the peak of the prolonged rise from 1.2996 and my outlook is already bearish, for a break through 1.3204, en route to 1.3070”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3245.
Category: EUR/USD , European Markets , Forex , Forex News , Forex Trading Strategies , Forex-Beginner , Unemployment
