• The number of job vacancies in the United States fell for a third month in March.
  • Investors expect a hike in US interest rates later today.
  • Data revealed that banks in the Eurozone are cutting back on loans. 

Today’s EUR/USD price analysis is bullish. The dollar fell on Wednesday after a negative jobs report. According to data on Tuesday, the number of job openings in the US fell for a third month in March.

Are you interested to learn more about Islamic forex brokers? Check our detailed guide-

At the same time, the number of layoffs reached a record high. The weakness in the labor market might aid the Fed’s efforts to fight inflation.

The report comes as investors attempt to determine if the Fed will pause rate hikes at its meeting. Later in the day, investors expect a hike in US interest rates. Still, they are unsure how long the Fed will keep its strict monetary policy in light of recent market developments.

The euro strengthened vs. the dollar after falling earlier to its lowest level since April 21.

The currency plummeted after data revealed that banks in the Eurozone are cutting back on loans, and a key inflation indicator is finally falling. These reports support the argument for a more modest rate increase by the European Central Bank on Thursday. Investors have been betting on a possible 50bps rate hike.

The euro has seen a big increase in value since mid-March. This rise was brought on by the assumption that the interest rate difference between the euro and the US dollar would continue to narrow.

EUR/USD key events today

Investors are expecting several key economic releases from the US. The US will release data on business activity and private employment. However, the focus will be on the FOMC meeting. 

EUR/USD technical price analysis: Bulls approaching 1.1050 resistance

EUR/USD technical price analysis
EUR/USD technical price analysis chart

The EUR/USD pair is approaching the 1.1050 resistance level in the 4-hour chart. The short-term bias is bullish as the price is above the 30-SMA and the RSI above 50. The bullish move comes after the price found support at the 1.0949 level. 

Are you interested to learn more about Thailand forex brokers? Check our detailed guide-

A sharp reversal at this level saw the price break above the 30-SMA. However, this bullish move might not go further as the price will soon face 1.1050 resistance. Bears might return to this level as the price moves sideways on a larger scale. On the other hand, a break above would solidify the bullish bias.

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


Source: https://www.forexcrunch.com/eur-usd-price-analysis-dollar-bears-return-amid-poor-jolts-data/