EUR/USD attempts to regain 1.0800 as the US dollar loses ground

Guillermo Alcala FXStreet

EUR/USD finds buyers at 1.0775 to trim previous losses and return above 1.0800.

The US dollar loses steam after the release of weaker than expected US employment data.

EUR/USD is biased higher while above 1.0766 resistance area – Credit Suisse.

EUR/USD reversal from 1.0895 high on Wednesday has found support at 1.0775 to trim losses during Thursday’s US trading session. The pair has found buyers just a few pips above May’s low at 1.0765 and is attempting to return above the 1.0800 level.

The dollar loses steam after US jobless claims

The euro is picking up after having depreciated more than 1% during the latest sessions. The negative market sentiment and US President Trump’s comments, blaming China for the coronavirus spread, have pushed the dollar higher on safe-haven flows during the European and early US sessions.

The greenback, however, seems to have lost steam after weaker than expected US jobless claims figures. According to the US Labor Department, 2.9 million Americans filed for unemployment benefits 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 over the last eight weeks.

EUR/USD remains rangebound, with key support at 1.0766 – Credit Suisse

The FX analysis team at Credit Suisse see the euro biased higher, although they warn about a break below 1.0766 support area, “We look for a retest of the uptrend from March, today seen at 1.0781. Below here, the 1.0766 low of last week is needed to see the broader risk turn lower to suggest we may finally be seeing a more sustained down move, to expose the April low at 1.0727.”

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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