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EURUSD analysis Thursday 6th of July 2017

EURUSD analysis Thursday 6th of July 2017 

 

The pair rose during yesterday's trading and ended the decline which lasted for three consecutive sessions despite yesterday's rise, the pair initially fell to a one-week low at 1.1311.

The reasons for yesterday's rally and the recovery from the lowest level in a week is the service sector  data in the euro zone that came  above market expectations, as the final reading of the PMI showed in the sector after recording 55.4 higher than the forecast but was unable to record higher From previous reading recorded 56.3.

On the other hand, the markets are looking forward to the US labor market data tomorrow, which may be a sign of raising US interest rate before the end of this year with the absence of registration of the labor market adding jobs at the same pace as last year but at the same time, This pace is appropriate and is growing, not the other way around.

Technically

Staying below 1.1350 could cause the pair to fall towards 1.1310 and if this level is breached, the downside move might continue towards 1.1280 level followed by the downside if the downside move continues to 1.1250.

A rise above 1.1350 might push the pair to rise towards 1.1400 and if breached, the pair may continue to rise towards 1.1440 and if it succeeds in breaching the last level it could extend towards 1.1490.

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