Relevance up to 09:00 UTC–5
Corona virus summary:
Tax revenues in Germany fell by a quarter last month, compared with a year earlier, as Europe’s largest economy faced its most severe recession since the second world war. The central government and the 16 federal states pulled in about 39bn euros in April, 25.3% less than the same month in 2019.
EUR/USD has been trading downwards. The price tested and rejected of the support at the price of 1,0990. Due to rejection of the strgon support, my advice is to watch for buying opportunities.
Watch for buying opportunities near the support at 1,0890. I see potential for the test of the recent swing low on the 4H time-frame at 1,0940.
Stochastic oscillator is showing oversold condition,which is confirming my bullish view
Key support level is set at the price of 1,0885
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Petar Jacimovic,
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.