Our previous plan was verified, as EURUSD failed to violate the major resistance zone near 1.14 level. Sellers stepped in and pushed the pair lower as its currently testing the 20SMA for the third day in a row. EU economic news includes the EU Council’s meeting where they will discuss the €750 recovery plan. Germany, France, Italy, and Spain support the initiative while Austria, Sweden, Denmark, and the Netherlands don’t agree with this package.
Daily Chart
Reviewing the 240m timeframe, the pair is forming a short-term wedge however the major support is near to 1.1146. Indeed the MAs behavior indicates that the trend is bearish for now while RSI and MACD are moving sideways.
240m Chart
Checking the ZuluTrade’s Traders Sentiment, the community is currently neutral on EURUSD.
In focus today (economic calendar):
Canada – Retail Sales (MoM) (Apr)
UnitedStates – Fed’s Chair Powell speech
Disclaimer
The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.