The EUR/USD has recovered ground this Thursday, favored by a certain weakening of the dollar. The pair has risen about 55 pips from the low at 1.1993 in the Asian session, hitting a two-day high at 1.2050 in the European morning.
The dollar as measured by its DXY index has lost nearly 30 pips in recent hours, sliding to 91.01, its lowest level since May 4. The fall in the greenback is linked to the decline in yields in the US, whose 10-year bond has fallen to 1.57%.
On the other hand, the euro has been strengthened by several factors. Firstly, the improvement in the rate of vaccination in the Eurozone, which has caused the President of the European Commission, Ursula von der Leyen, to declare that the European vaccination campaign is a success. On the other hand, German factory orders data rose 3% in March, above the 1.7% expected, while Eurozone retail sales increased 12% year-on-year in March, improving the forecast 9.6%.
Awaiting weekly US unemployment data, prior to the April Non-Farm Payrolls to be released tomorrow Friday, the EUR / USD is trading at the time of writing above 1.2047, gaining 0.35% daily.
EUR / USD levels
In case of continuing to gain ground, the next upside target is 1.2076, May 3 high. Above, 1.2100 is a psychological level to overcome before hitting the 1.2149 resistance, April 29 high.
On the downside, the main support is at 1.1993, soil of May 6 and April 22. Further down, the 1.1940 / 45 zone awaits, where are the lows of April 19 and 1.1860, the lowest level since April 8.
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