06.05.2020
The pair remains under strong pressure as Germany’s constitutional court calls on the ECB to justify the broad stimulus measures, threatening to halt the Bundesbank’s participation in the scheme. If this situation comes to a standstill, the pair is likely to continue falling. Only the Bundesbank remaining in the camp of the "saviors" of Europe will support the euro.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and is declining. Stoch are in the oversold zone and uninformative.
Trading recommendations:
Sell the pair after it goes below 1.0820 with a likely further decline to 1.0750. At the same time, if it holds above 1.0820, and the market sentiment turns positive as Bundesbank’s participation in the stimulus measures is announced, the pair will turn up and head towards 1.1000.
EURUSD rate online: monitor the movement of the pair in real time.
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