Market News & Analysis
EUR/USD: Bearish Pattern of Lower Highs
Ming Lam May 7, 2020 12:16 PM
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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