The EUR / USD pair spent the first half of this Thursday struggling to extend the gains beyond the critical threshold of 1.1000 as the bulls continue to push. In the United States, Valeria Bednarik, chief analyst at FXStreet, reported 2.43 million weekly jobless claims in the United States.
“European data exceeded expectations but, according to Markit, the local economy” was stuck in its deepest slowdown ever recorded in May due to ongoing measures to control the 2019 coronavirus epidemic (COVID- 19). “Preliminary PMI estimates for the EU have shown that the manufacturing index improved from 33.4 to 39.5, while output of services rose from 12 to 28.4.”
“Initial jobless claims in the United States for the week ending May 15 totaled 2.43 million, slightly lower than the 2.4 million forecast.”
“In the 4-hour chart, the technical indicators resumed their progression, the Momentum well above its median line and the RSI at overbought levels. The risk remains biased upward, with a test of 1.1120 on the table for the next sessions. “