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EUR / USD is trading near annual lows

Sep 30 2019, 04:18 PM (+06) |

The EUR / USD pair is still trading near annual lows, unsuccessfully trying to develop a corrective movement.

The focus of investors this morning are data on the German labor market. According to the report submitted in September, the unemployment rate did not change and amounted to 5.0%. Data on changes in the number of unemployed came out better than expected, fact -10 thousand, forecast +5 thousand. Locally, these indicators can provide moderate support to the European currency.

There is no longer any important news in the economic calendar of the USA and Europe today, so fairly calm trading can be expected in the afternoon. The main influence on the trading will have the news of geopolitics and the situation on the debt market.

On the chart, despite the global dominance of the bearish trend, locally there are signals in favor of the development of an upward correctional movement. As part of the development of the reversal formation, in the form of a false breakdown of the level of 1.0925, we can expect the development of corrective movement in the direction of the levels of 1.0990 and 1.1025.

Resistance levels: 1.0960, 1.0990, 1.1025.

Support levels: 1.0925, 1.0890, 1.0850.

The main scenario is an increase in the direction of the levels of 1.0960 and 1.0990.

An alternative scenario is a breakdown of support at 1.0925 and a decline to 1.0890.

The fundamental background today can be described as mixed. There are signals on the chart in favor of the upward corrective movement. In short-term we consider longs from the level of 1.0925.

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