EUR/USD: Unemployment does not work

US weekly unemployment claims triggered no reaction, as the EUR/USD pair continues to trade within familiar levels, Valeria Bednarik, a Chief Analyst at FXStreet, reports.

Key quotes

“The ECB released the Accounts of its latest meeting, which showed that policymakers acknowledged the economic situation is deteriorating rapidly, adding that all members agreed on adding monetary stimulus.”

“The US released Initial Jobless Claims for the week ended March 3, soared to 6606K, worse than the 5250K expected. This means that pretty much 10% of the US labour force is now out. At the same time, the US Federal Reserve announced a new lending plan to provide $2.3 trillion in loans to support the economy.”

“EUR/USD 4-hour chart shows that the pair is unable to advance beyond a Fibonacci resistance and a mild-bearish 100 SMA, while the 20 SMA stands a few pips below the current level.”