FX : Euro Area jobless rate edges up to a 10 year high; Euro, little moved
FXstreet.com (Barcelona) - Unemployment continued growing in the Euro Area and the jobless rate ticked up to 9.6% in September,the highest level since 1.999, from 9.5% in August. The Euro remains moving around 1.4550.
EUR/USD decline from 1.4670 Asian session high, several pips short of a seemingly tough resistance area at 1.4675,has found support at 1.4550 on early European trade, and the Euro has remained mioving between 1.4550 and 1.4600 ever since.
The pair has reached oversold territory, and according to Greg Holden, technical analyst at ForexYard, could attempt a corrective rally: "After this morning's sudden drop, the price of this pair now floats in the over-sold territory on the hourly RSI, while a bullish cross is developing on the hourly Slow Stochastic. Immediate short-term movement appears to be for an upward correction."
