German Unemployment Change rises to 13 K , EURUSD is set to fall !

EURO data
EURO data

German Unemployment Change measures the change in the number of unemployed people during the previous month.

Usual Effect: A high reading or a better than expected number is seen as negative for the EUR, while a low reading is positive.

Frequency: Released monthly, about 30 days after the month ends

Last Read :3 K

Expectations: -2 K

Actual: 13 K

Volatility: High Volatility

Market Impact :

The pair is under pressure and further downside is likely the upcoming hours, support comes at the 1.2660 levels where a cut will open 1.2630 next, further downside will pave the way towards the 1.2600 levels ahead of the 1.2570 levels. On the upside, resistance comes at the 1.2714 levels, stability below this level will keep the pair under pressure and further downside couldn’t be ruled out, above 1.2714 will bring consolidation below 1.2765 levels…

In all , as long as 1.2714 holds on a 4 hour closing basis , outlook remains on the downside towards 1.2630/1.2570 levels, above 1.2715 , the pair will face a recovery risk …

Later on, the day, pay attention to  US CB Consumer Confidence, It will be published at 14:00 GMT, above 92.7 could send the pair towards the 1.2570 levels even lower, below 92.2, would only delay the bearish move for retesting 1.2715 levels before the next fall.

German Unemployment Change rises to 13 K , EURUSD is set to fall !