This morning we have seen the release of German Unemployment Change in Feb, fell by 14K, beating expectations of a 10K fall. The German unemployment rate in Feb remains at 5.9%, in line with expectations.
EUR/USD has turned bearish since yesterday, as a result of the strengthening of the dollar.
The current price is nearing the near-term major support zone between 1.0500 – 1.0530, where provides a stronger support.
The level at 1.0500 is a crucial psychological level, the downtrend is likely to be held temporarily above the level.
The 4 hourly Stochastic Oscillator is below 20, suggesting a rebound.
The resistance level is at 1.0550, followed by 1.0565 and 1.0580.
The support line is at 1.0530, followed by 1.0515 and 1.0500.
We will see the release of a series of important US economic figures this afternoon.
The PCE and Core PCE in Jan, at 13:30 GMT. The Markit Manufacturing PMI in Feb, at 14: 45 GMT. The ISM Manufacturing PMI and ISM Prices Paid, at 15:00 GMT.
The figures will cause volatility to the movements the dollar and the dollar crosses.