EURO PULLS BACK FROM 2017 HIGH

The EURUSD has pulled back from the recent 2017 trading high, at 1.1445, as economic data released this morning showed unemployment rose in Germany, the euro zone largest economy.

Monthly unemployment figures rose by 7,000 to 2.547 million in June for Germany, marking the first rise since March last year. However, the German unemployment rate remained a bright spot, and help steady at 5.7%.

In the short term, the EURUSD has turned bearish whilst trading below the calculated daily pivot point at 1.1429, however, the medium term bias remains strongly bullish.

At present, the euro has found support from H1 time frame 50 period moving average, at 1.1402. Traders now look to hourly time frame technical closes around this level for the next EURUSD directional move.

Resistance for the EURUSD is located at 1.1429, the current yearly high, at 1.1455 and the key fib level, 1.1458.

To the downside, 1.1390 offers near-term support, with 1.1360 acting as further strong intraday EURUSD support.