EUR/USD climbs into positive territory for the week. Rate cut bets increase on rising US unemployment claims. US consumer sentiment due on Friday. EUR/USD gained ground on Thursday, finding upside on the week after the US Dollar broadly fell back after rising US Initial Jobless Claims sparked renewed hope of rate cuts from the Federal Reserve . US Initial Jobless Claims rose to 231K for the week ended May 3, the highest number of new jobless benefits seekers week-on-week since last August.
Daly noted on Thursday that the inflation outlook remains uncertain, and recent downturns in employment data appear to be low-risk. EUR/USD technical outlook EUR/USD rallied on Thursday as the pair rebounds from the 200-hour Exponential Moving Average at 1.0740, sending the pair into the green for the week, up a quarter of a percent from Monday’s early opening bids and testing 1.0790. Daily candlesticks warn of stiff resistance for bullish momentum as EUR/USD approaches the 200-day EMA at 1.
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