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The EUR/USD pair has spent the first half of this Thursday battling to extend gains beyond the critical 1.1000 threshold as bulls keep pressuring. US weekly unemployment claims rose by 2.43 million in the week ended March 15, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“European data has beat expectations, but, according to Markit, the local economy ‘remained stuck in its deepest downturn ever recorded in May due to ongoing measures taken to control the coronavirus disease 2019 (COVID-19) outbreak’.” The preliminary PMIs estimates for the EU showed that the manufacturing index improved from 33.4 to 39.5, while services output rose from 12 to 28.4.” 

“The US Initial Jobless Claims for the week ended May 15 resulted at 2.43 million, slightly worse than the 2.4 million expected.”

“In the 4-hour chart, technical indicators have resumed their advances, the Momentum firmly above its mid-line and the RSI at overbought levels. The risk remains skewed to the upside, with a test of 1.1120 on the table for the upcoming sessions.”