Germany between hope and fear

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In Germany, the lockdown easing is under way as shops have been allowed to open, and people are required to wear face masks in public as a compulsory act. However, May Gfk Consumer Confidence fell unexpectedly to -23.40 this morning as it was anticipated at -1.8. It was at 2.3 in April.

From a technical point of view, EUR/USD has escaped from triangle pattern in place since March and remains capped by its 50-day moving average (in blue). The daily RSI stands within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.1030. The nearest support would be set at horizontal support at 1.0780 and a second one would be set at set at March bottom at 1.0630 in extension.

Market chart of the EURO(EUR) vs US Dollar(USD). Published in April 2020 by
Source: TradingView, GAIN Capital

Related tags: EUR Forex Germany

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