Release Explanation: The release weights the number of jobs created, or the percentage of employed/unemployed in the labor market. Economic strength builds from the willingness/confidence of firms to hire, without a strong labor market growth is hard to achieve.
Trade Desk Thoughts: The number of unemployed persons looking for a job in Germany for the month of January rose by 56K, much stronger than what analysts had expected. The unemployment number in Germany has been in a strong downtrend since 2005, but it seems the economic slowdown that the German economy faces had reach the job market. Previously, the unemployment rate reached a 16-years low.
Forex Technical Reaction: The euro tumbled 100 pips in the overnight session, down to the first pivot point support level. In the last two trading day, the euro has formed two consecutive bearish pin-bars near to the 1.3300 resistance level.