The world's most popular currency pair which is EURUSD has been trading within the scope of a pretty wide price range (1.2858-1.2962) for 3 days in a row. While staying within the range, the common currency tried to strengthen against the US Dollar yesterday.
With that said, the common currency managed to gain some value by moving up from 1.2896 to 1.2951. Even the positive stats on consumer spending that came from Germany and France coupled with a negative report on the US labor market contributed to the recent advance of the Euro.
According to yesterday's report from the US Department of Labor, the amount of weekly jobless claims increased from 304 000 up to 315 000 units. Therefore, the world's most popular currency pair reacted with a rally, thereby hitting the local high of 1.2951.
Today's European trading session shows us a move around 1.2925. it seems like Friday starts with positive stats fro the Eurozone. A couple of hours ago, France reported about its incoming and outgoing cash flows. The current account balance deficit improved from - 7.20 bn euros up to -2.20 bn euros.
Further on, we could witness good data on consumer inflation in Spain . The index improved drastically in August after coming out of the negative zone from - 0.9% to +0,2%. The reported came out even better than expected (+0,1%).
EURUSD Technicals
As usual, Masterforex-V Academy helps us to define the near-term prospects of EURUSD and other major currency pairs by showing us the technical picture so as to let us related it to the fundamentals in order to make more decent trading decisions.
At this point, the H1 chart of EURUSD indicates a bearish tendency going down from 1.3159. The wave 1.3159-1.2858 is completed. Further on, we can see a bullish wave - 1.2858-1.2962. This one formed a wide price range. The currency pair is currently trading within this price range, Masterforex-V Academy reports. The true breakout of the range will define the direction of the near-term tendency.
