EURUSD: Will downtrend continues?

Unemployment rate at Germany rose to 8.3 percent, a 16 month high. As the largest nation within the Eurozone, the labor market in Germany is critical to health of the region’s overall economy. The Eurozone unemployment rate also rose to 8.9 percent, the highest level since November 2005.

Next week’s European Central Bank will announce interest rate decision. The central bank is widely expected to announce an interest rate cut as well as unconventional measures to stimulate the economy, but at the same time, they may say that further rate cuts is unlikely.

EURUSD is trading on a downtrend in a daily chart. Stochastic has shown that EURUSD is overbought.

Email had sent out informing our subscribers that we had shorted EURUSD at 1.3300, this trade is currently sitting on 45 pips profit.