Forex Trading: EURUSD Technical Analysis – Febuary 28, 2020
On the last working day of this week, the EUR is weakened against the US Dollar by the price of less than 1.1100, Although its declines today, yet yesterday it skyrocketed itself with more than 100 pips, it was the great achievement of EURUSD that substantially moved the pair’s position and strengthened it from the last days before as shown in the attached graph. The increase in unemployment change is also one of the main reasons for this success. Due to the lower high wave of the graph in the last downside movement, the technical bias could remain bullish.
EURUSD: Technical Analysis
At the price of 1.099, The EURUSD quoted itself on the graph. Luckily, the price of pair is in the position that now multiple support levels are standing in the back of the price that tries their best to move the price up to the optimal level. At 1.0982, there is the first support level of two combined trendlines, soon after it, there is another combination of Fibonacci level and trendline at 1.0956, and then the major horizontal support supported the price at 1.0887.
On the contrary side of the pair’s price, the graph reflected the resistance levels that might pushes the price toward the downside, at 1.1007, it might gets the major horizontal resistance, afterward, there is the 61.8% Fib level resistance at 1.10625 and then at 1.1205, there is the resistance of the trendline.
EUR Unemployment Change
The Unemployment Change published by the Bundesagentur für Arbeit is a calculation of the absolute change in the number of unemployed people in Germany using seasonally adjusted data. This month it lowered its index by more than 6000 numbers. A decrease in this measure has positive consequences for consumer spending, as more people are working.
The EURUSD is quite better than the past few days and now it’s openly welcome the short and long term traders.