Breaking: EUR/USD surges above 1.10 amid dollar weakness after horrible jobless claims

Yohay Elam FXStreet

EUR/USD has jumped over 1.10, trading at the highest levels since March 18. The world's most popular currency pair is already up around 130 pips of 1.25% on the day.

The US dollar is losing ground across the board amid horrible jobless claims numbers. Initial claims have leaped to 3.283 million, worse than at the peak of the financial crisis.

Earlier this week, the Federal Reserve unleashed an open-ended Quantitative Easing program. The US Senate later approved a $2 trillion fiscal package to mitigate the fallout from the coronavirus crisis. Stocks are on the rise, extending their advance in response to the help coming from the government.

Here is the price action on the 15-minute chart:

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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