EUR/USD Review, May 4-8, 2020
04 May 2020
The currency pair went upwards last week and has broken out 1,0870 resistance area. EUR/USD stays above this level at the moment of writing.
As for the reasons for this growth, we can name weak US Labor Market data. The number of unemployed persons exceeds 3 million each week. Consumer Confidence declines as well.
European central bankers have decided to do nothing with the Interest Rates that supported the currency pair last week. We expect the currency pair to develop its growth towards 1,1068. There are many fundamental contradictions currently. The currency pair may go both directions.
