EUR/USD analysis for May 14, 2020 – Rejection of the strong support level at 1.0770, watch for buying opportunities…

By | May 14, 2020
InstaForex
EUR/USD analysis for May 14, 2020 - Rejection of the strong support level at 1.0770, watch for buying opportunities...

Relevance up to 07:00 2020-05-15 UTC–5

Corona virus summary:

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The Japanese prime minister, Shinzo Abe, has lifted the state of emergency for 39 of its 47 prefectures, but said it would remain in place in Tokyo, as well as the second-largest urban area of Osaka, until the novel coronavirus is contained. Abe also said he would begin work on a second extra budget as part of his government’s economic stimulus measures.

  • A French firm’s pledge to prioritise the US with any vaccine has caused outrage. Paul Hudson, chief executive officer of Sanofi, told Bloomberg News that any vaccine invented by his firm would go to the US first since America had done the most to fund the company’s research.

Technical analysis:

EUR/USD has been trading downwards. The price tested and rejected of the key support at the price of 1,0775. I expect further upside movement towards the resistance levels at 1,0820 and 1,0840.

Trading recommendation:

Watch for potential buying opportunities with the SL at 1,0770 and potential upward targets at 1,0820 and 1,0840.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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