The EUR/USD pair surged with London opening up to 1.0991, finding buyers around the 1.0950 level following a pullback from the level. There were plenty of economic releases in Europe, starting with German unemployment that declined for an eighth month in May, with seasonally adjusted jobless people down by 6K. The pair continues to trade marginally higher despite a Greek deal with its creditors is playing hard to get, as no news came from that front following overnight talks and negotiations. Last but not least, EU inflation for surged in May 0.3%, and 0.9% compared to an year before, although producer prices index resulted negative in the same month, indicating the EU is still struggling with deflationary pressures.
The EUR/USD pair spike up to a fresh daily high of 1.0994 following the release, but is now easing from the level, as strong selling interest remains aligned around the critical 1.1000 figure. Trapped in a 50 pips range, the 4 hours chart presents a mild positive tone, as the technical indicators hold above their mid-lines, albeit lacking upward strength, whilst the price develops above its 20 SMA. A clear break above the 1.1000 figure should lead to a spike towards the 1.1040/50 price zone, in route to 1.1120 a strong static resistance level.
A downward acceleration below 1.0950 on the other hand, should signal a downturn in the pair, eyeing a test of the 1.0890/1.0920 price zone, should the decline extend.
View live chart of the EUR/USD
The EUR/USD pair spike up to a fresh daily high of 1.0994 following the release, but is now easing from the level, as strong selling interest remains aligned around the critical 1.1000 figure. Trapped in a 50 pips range, the 4 hours chart presents a mild positive tone, as the technical indicators hold above their mid-lines, albeit lacking upward strength, whilst the price develops above its 20 SMA. A clear break above the 1.1000 figure should lead to a spike towards the 1.1040/50 price zone, in route to 1.1120 a strong static resistance level.
A downward acceleration below 1.0950 on the other hand, should signal a downturn in the pair, eyeing a test of the 1.0890/1.0920 price zone, should the decline extend.
View live chart of the EUR/USD
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