Yesterday, the common European currency gained some value against the US Dollar, thereby letting the price go up to 1,3697. This is the new high of the month. At this point, the currency pair is trading within the scope of the 1.3678-1.3697 price range formed close in advance of today's European trading session, Market Leader reports.
The rally was suspended due to the fact that Germany's industrial PMI declined from 52,4 points down to 52 points. Apart from that, the Eurozone witnessed a couple of new releases, which affected the common currency.
In particular, Italy's PMI showed a decline as well, thereby indicating a slowdown. On top of that, German's employment figures turned out to be poor as well since the amount of the unemployed had gone up by 9000 people. However, the overall situation in the Eurozone's labor market looks reassuring as the market seems to be recovering in most economies.
Meanwhile, Masterforex-V Academy conducted comprehensive tech analysis to find out that EURUSD is still consolidating between 1.3678 and 1.3697. the recent rally is suspended but still holds true until proven otherwise. The development of the 3rd bullish wave started at 1,3575 is still underway despite the consolidation period. At this point, it includes 4 sub-waves and resembles a 5-wave count which lacks the last wave.
The following intraday levels are recommended to pay attention to:
Resistance: 1.3697 + 1.3700 + 1.3735.
Support: 1.3678 + 1.3650 + 1.3645, 13639 + 1.3610, 1.3582, 1.3565.
