Eurozone May unemployment dropped to 10.1% from 10.2% in the previous month. The renewed decline was in line with expectations, but while today’s manufacturing PMI showed hiring continued in June, the impact of the Brexit referendum on European growth is likely to have an impact on the job market. Furthermore, while the overall rate continues to come down, disparities across countries remain high and especially youth unemployment in many countries including Spain and Greece remains a matter of grave concern.
There was no significant reaction to the numbers in the EURUSD. The pair keeps on fluctuating between intraday support and resistance levels and is currently inside the resistance levels identified in yesterday’s analysis (1.1098 and 1.1129). . Daily: 1.0912, 1.0971 and 1.1129, 1.1237. Intraday: 1.1070, 1.1086, 1.1092 and resistances at 1.1124, 1.1190. Just at the time of writing the pair has been finding support from slightly upward pointing 50 period SMA in the 15 min chart and created a bullish pin bar.
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Chief Market Analyst
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