EUR / USD finds buyers at 1.0775 to offset previous losses and to return above 1.0800.
The US dollar is losing strength after weaker-than-expected US employment data are released.
EUR / USD is biased above 1.0766 resistance – Swiss credit.
The EUR / USD reversal from the high of 1.0895 on Wednesday found support at 1.0775 to offset losses during Thursday’s US trading session. The pair has found buyers a few pips above the May low of 1.0765 and is trying to return above the 1.0800 level.
Dollar slows down after US jobless claims
The euro is recovering after having depreciated by more than 1% during the last sessions. Negative market sentiment and comments by US President Trump, accusing China of the spread of the coronavirus, pushed the dollar higher on safe haven flows during the European and American sessions.
The greenback, however, appears to have lost momentum after weaker-than-expected US jobless claims figures. According to the US Department of Labor, 2.9 million Americans filed for unemployment in the week of May 9, beating the market consensus of a 2.5 million increase and making a total of 36.6 million layoffs in the past eight weeks.
EUR / USD remains limited, with key support at 1.0766 – Credit Suisse
The FX analysis Credit Suisse team view the euro biased upwards, even if they warn of a break below the support area of 1.0766: “We are waiting for a new test of the March uptrend, today observed at 1.0781. Below here, last week’s low of 1.0766 is needed to see the broader risk go down to suggest that we might finally see a more sustained bearish move, to expose the April low at 1.0727 . “