News Update. Non Farm Payrolls indicate record decline in US jobs

EURUSD is trading without a clear direction today. However, taking a look at H1 interval, one can see that the short-term sentiment turned bullish following a break above the downward trendline yesterday. In case the upward move continues, the area at 1.09 will be the first resistance to watch. On the other hand, the 1.0815 handle should be considered as an important support. One should be aware that the pair may become volatile once the US jobs report is released at 1:30 pm GMT.

The US economy  shed a record 20.5 million jobs in April, which is the biggest monthly decline in the data going back to 1939, with the previous record being ‘only’ a -1.959m decline back in September 1945 just as WWII ended. Today's reading came below analysts' expectations of 22000k. The spread of the coronavirus forced government to implement a full month lockdowns in several US states, which put additional pressure on the labor market.  In March, the US economy shed 701K jobs.