Forex: EUR/USD takes profit after German unemployment
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EUR/USD
FXstreet.com (Barcelona) - Yesterday, the 1.2940 was used as resistance for quite some time. After the "risk on" rally triggered by Boehner's optimism on the NY session, the EURUSD now used the same line as a low in today's European morning before shooting up ahead of the German unemployment data.
The German unemployment grew by 5K in November, good news compared to the consensus estimate of 15K. Also, the October figure was revised lower from 20K to 19K. The unemployment rate remains at 6.9%. The EURUSD rallied 49 pips to 1.2980 ahead of the release and is at profit taking stage, trying not to soften much from the added gains.
"After the unsuccessful break of the 1.3020 resistance level, the correction reached 1.2879. My outlook thoughremains bullish, for a break through 1.3020 static resistance, en route to 1.3170 high", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 1.2874, as a violation of that level will signal, that the whole rise from 1.2736 is complete.
The German unemployment grew by 5K in November, good news compared to the consensus estimate of 15K. Also, the October figure was revised lower from 20K to 19K. The unemployment rate remains at 6.9%. The EURUSD rallied 49 pips to 1.2980 ahead of the release and is at profit taking stage, trying not to soften much from the added gains.
"After the unsuccessful break of the 1.3020 resistance level, the correction reached 1.2879. My outlook thoughremains bullish, for a break through 1.3020 static resistance, en route to 1.3170 high", wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday support at 1.2874, as a violation of that level will signal, that the whole rise from 1.2736 is complete.
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