Technical analysis of currencies and a look at the euro against the US dollar, June 2

Currency technical analysis

technical analysis of currencies; EURUSD levels jumped to their highest level in seven months, due to the strong data released by the Eurozone in addition to data on the US economy, the largest economy in the world.

At 03:51 pm GMT, the euro pair traded against the US dollar at the level of 1.1272, up by 0.53%, from the opening level of the trading session at 1.1213, and the pair recorded its highest level at 1.1282, the highest in seven months, while it recorded the lowest level during the trading session at 1.1205.

The Spanish economy, the fourth largest economy in the Eurozone, released its report today on the labor sector, represented in the Employment Change Index for the month of May. The index showed the loss of about 111,9 thousand jobs, defying expectations. Producers for the month of May are at zero.

On the other hand, the US Department of Labor released its data on the indicator of the change in employment in the non-agricultural sector for the month of May, and the indicator showed a decline in added jobs to reach 138 thousand jobs, and the unemployment rate, which fell to its lowest level since March 2001 at 4.3%, was released, in violation of Expectations and the previous reading, which indicated the ratio of 4.4%.

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The US labor market data is facing a contradiction in the recent period, which affects the Federal Reserve’s decision to tighten its monetary policy, especially with the approach of its meeting during the current month, and it is expected that the next meeting of monetary policy makers will reveal inflation rates, economic growth rates and unemployment, in addition to their expectations for the future monetary policy in the coming years.

EURUSD Technical Outlook

The euro against the US dollar rose, bypassing the resistance level as shown in the graphic, targeting the Fibo line 0 in conjunction with the presence of the next resistance level

Trading is now taking place at the highest level of the average moving indicator line, with the appearance of both the stochastic indicator and the MACD indicator, a positive crossover towards the bullish trend on the daily time frame.

Therefore, the price is expected to continue rising, targeting the 1.1310 level line

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Mohamed Abdel Khaleq

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