EUR/USD: Bearish Pattern of Lower Highs

Currency exchange rate board of multiple currencies

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.
Related tags: Forex

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar