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EUR/USD shot higher on Thursday, gaining about 150 points on Thursday.  The ECB  opted to maintain the current  benchmark interest rate at 0.50% and deposit rates at 0%. However, the pair got a boost from optimistic comments from ECB head Mario Draghi about Eurozone growth in 2014. In economic news, German Factory Orders looked weak, hitting a seven-month low. In the US, Unemployment Claims bounced back and were very close to the estimate. On Friday, German Trade Balance easily  beat the estimate. German Industrial Production will be released later. The markets will get another look at US employment data, with the release of two key events – Unemployment Rate and  Non-Farm Payrolls.  

Here is a quick update on the technical situation, indicators, and market sentiment that moves euro/dollar.

EUR/USD Technical

  • Asian session: Euro/dollar  settled down after sharp gains earlier.  The pair touched a  high of 1.3269 and  consolidated at 1.3254. In the European session, the pair is unchanged.

Current range: 1.3255 – 1.3290.

Further levels in both directions:   EUR USD Daily Forecast June 7

 

  • Below: 1.3255, 1.32, 1.3160, 1.31, 1.3050, 1.30, 1.2940, 1.2890, 1.2840, 1.28, 1.2750, 1.27, 1.2624 and 1.2587.
  • Above: 1.3290, 1.3350, and 1.34.
  • On the downside, 1.3255 is under pressure. 1.32 is the  next support level.
  • 1.3290 is providing weak resistance. 1.3350 is stronger.

Euro  jumps as ECB maintains interest rates  – click on the graph to enlarge.

EUR/USD Fundamentals

  • 6:00  German Trade Balance. Exp. 16.5B. Actual 17.7B.
  • 6:45  French Government Budget Balance.  Actual -66B.
  • 6:45  French Trade Balance.  Exp. -4.4B. Actual -4.5B.
  • 10:00 German Industrial Production. Exp. 0.0%
  • 12:30 US Non-Farm Employment Change. Exp. 167K. See how to trade the Non-Farm Payrolls with EUR/USD.
  • 12:30 US Unemployment Rate. Exp. 7.5%.
  • 12:30 US Average Hourly Earnings. Exp. 0.2%.
  • 19:00 US Consumer Credit. Exp. 13.4B.

For more events and lines, see the  Euro to dollar forecast

EUR/USD Sentiment