With more than a price of 1.1100, the EURO inched higher itself against the US Dollar, it’s the very nice journey of the EURUSD started since February 21, 2020, by marking continuously itself with the mark of the green candle on the graph. The Eur market now being on the bullish trend and openly welcomes the investors for the business objectives, yet, there are numbers of the factors that played the part in raising the currency, But the incredible decline in the unemployment rate undeniably serves as a catalyst in driving the currency up.

The Unemployment Increase, released by the Bundesagentur für Arbeit on February 28, 2020, and reported by the German Statistics Office, decreased its number dramatically from -4 K to -10 K, It is a calculation of the absolute change in the number of unemployed people in Germany using seasonally adjusted data. A rise in this measure has negative implications for consumer spending, as there are fewer people at work and thus the country’s economic growth is declining. A reading above estimated is usually seen as negative (or bearish) for the EUR while a low reading is considered positive (or bullish).

Likewise, the index of consumer prices measured and distributed by Destatis, the Statistical Office of the European Union, focused on a statistical methodology harmonized across all EU Member States, which raised its index from 1.6% last month to 1.7 percent.

In addition, there are several support levels at this point, the downside of the pair’s price, which will prevent the price from further dropping, and would help it to lift its level above.

Conclusion

The EURUSD position is quite different from the previous, and now the EURUSD market is on the bullish trends of building confidence in potential investors by opening up its market for business purposes.