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Masoud EUR/USD Forecast October 7



Hello koala king and folks.

Good day to you.

German unemployment unexpectedly rose in September this year. The unemployment rate in Germany, the largest economy in the euro area rose from 6.8% of the active population to 6.9 percent. The published figures show that Spain’s unemployment rate held steady in August at 26.2% of the economically active population. France the second-largest economy in the euro zone, had it’s unemployment rate decreased slightly at 10.9% of the working population. The average unemployment rate in the euro area for the first time since the beginning of 2011 dropped to 12 percent of the active population.

The ECB European Central Bank’s policy meeting on Wednesday chaired by Mario Draghi did not change interest rates. Twenty-three members of the Management Board of the Bank also voted in favor of continued easing for euro zone crisis affected countries. The European Central Bank President Mario Draghi said that the euro area real GDP growth in the second quarter after declining for six seasons was ultimately positive. Economic confidence index in September was positive confirming that it is expected to be a gradual recovery in economic activity. The ECB in recent months implemented expansionary fiscal policy to lower interest rates in the euro zone, accelerate growth, lower inflation and increase employment. The bank is trying to hold down interest rates and spur the industrial sector.

Due to the shutdown of the United States of America government, approximately eight hundred thousand federal workers are in temporary unemployment in this country. One of the effect is that most economic statistics will not be announced, including the US Non-Farm Payroll. The last data was 7.3% unemployment for the month of August.


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Technical perspective: As you can see in the picture above, the EUR/USD is in a tight corner. As long as EURUSD is above 1.3450, the main trend is to the upside. I believe the EUR/USD is preparing a sharp ascent but it is unclear when and where to begin.

Have a nice time.

Masoud.

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