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EUR/USD Signal - German ZEW Economic sentiment - 13 Dec 2016

Signal details
Entry Price: 
1.0600
Close Price: 
1.0620
Direction: 
High
Expiry Time: 
21:00 GMT
Result: 
ITM
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It is a busy day for the euro with economic reports today including the Eurozone and German ZEW economic sentiment and the quarterly employment change report. As per the latest data, unemployment in the eurozone fell to a 7-year low at 9.8%. The data indicated a modest but slow recovery in the euro area.

Today's unemployment data measures the quarterly change. Estimates point to a 0.3% increase in the quarterly employment change report alongside bullish expectations on the increase in economic sentiment, both for the eurozone and Germany. EURUSD was bullish yesterday forming a strong bullish engulfing pattern, this indicates further upside in the near term.

On the one-hour chart, EURUSD is currently seen making a pullback. We expect price to dip to 1.0600 before resuming the bullish trend. Therefore daily CALL options are ideal around a strike price of 1.0600 on expectations that the EURUSD will be closing higher today.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.