The EUR/USD continues its rally before a possible rise in historic unemployment in US

© O Financista.

By David Wagner

The EUR/USD pair has ramped up its been up since yesterday evening, with a recent peak near 1.0950, after a break above the moving average 200 hours, and the psychological threshold of 1.09 last night.

The short-term bias is becoming more bullish, the dollar is continuing to lose momentum this week as the financial pressures begin to ease after the Fed’s action.

Now, the EUR/USD is facing resistance would confirm a break above 1.09 to confirm the upward bias. The pair could then aim for the highest of the 18 march to 1,0981.

The buyers also keep an eye on the psychological threshold key 1,1000, the dynamics of increase begins to settle not excluding a test of this threshold before the end of the week.

If it is the drop which takes on the Euro-Dollar, the first support would be at 1.09. Then, a break below the moving average 200 hours to 1.0877 would invalidate the upward bias in the short term.

However, the event that will probably be the most decisive for the fate of the Euro-Dollar this Thursday will be the weekly report on jobless claims in the United States, due at 13: 30.

This report should state the highest level of jobless claims in the history of statistics, with some analysts anticipating up to 4 million entries, after 281.000 the previous week, due to the devastating impact of the sars coronavirus since the pandemic reached the american continent.

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