EURUSD Bearish Pattern of Lower Highs
EUR/USD remains on the downside after retreating from a recent high of 1.1019 seen on May 1...
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Official data showed that the Eurozone's Retail Sales declined 11.2% on month in March, worse than a decrease of 10.6% expected.
And Germany's Factory Orders sank 15.6% (-10.0% expected).In view of the impact of the coronavirus pandemic, the European Commission said the eurozone's GDP would drop 7.7% in 2020.
The euro has failed to post a sustainable rebound against the U.S. dollar.
EUR/USD remains on the downside after retreating from a recent high of 1.1019 seen on May 1.
In fact, the pair has posted a Bearish Pattern of Lower Highs since then.
On an Intrday 30-minute Chart, EUR/USD has located a Key Resistance at 1.0820.
Source: GAIN Capital, TradingView
It stays at levels around the descending 20-period moving average. which stands below the 50-period one.
In case the Bearish Bias persists, the pair would only seek Support at 1.0780 and 1.0760 on the downside.
Official data showed that the Eurozone's Retail Sales declined 11.2% on month in March, worse than a decrease of 10.6% expected.
And Germany's Factory Orders sank 15.6% (-10.0% expected).In view of the impact of the coronavirus pandemic, the European Commission said the eurozone's GDP would drop 7.7% in 2020.
The euro has failed to post a sustainable rebound against the U.S. dollar.
EUR/USD remains on the downside after retreating from a recent high of 1.1019 seen on May 1.
In fact, the pair has posted a Bearish Pattern of Lower Highs since then.
On an Intrday 30-minute Chart, EUR/USD has located a Key Resistance at 1.0820.
Source: GAIN Capital, TradingView
It stays at levels around the descending 20-period moving average. which stands below the 50-period one.
In case the Bearish Bias persists, the pair would only seek Support at 1.0780 and 1.0760 on the downside.
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