empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

09.04.202014:22 Forex Analysis & Reviews: EUR/USD analysis for 04.09.2020 - Bear flag pattern on the 8H timeframe, potential for drop towards the level of 1.0770

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Corona virus summary:

Exchange Rates 09.04.2020 analysis

The number of people killed by the coronavirus in Spain passed 15,000 on Thursday, but the daily death toll fell to 683 after two consecutive days of rising above 740, Sam Jones reports from Madrid.

Figures released by the health department suggest that the spread of the virus is continuing to slow down: between Wednesday and Thursday, the rise in the number of new cases was 3.9%, compared with a daily average of 12% at the end of March and 20% in mid-March.

Spain's prime minister, Pedro Sanchez, is once again seeking congress' approval to extend the state of emergency - this time until 26 April.Speaking in parliament on Thursday morning, he defended his government's handling of the Covid-19 crisis and said the continuing lockdown, which has been in effect since 14 March, was the best way to tackle contagion-to date, Spain has confirmed 152,336 cases of the virus, and 15,238 deaths. However, there are growing doubts over the way in which the country is counting the dead..

Technical analysis:

EUR/USD has been trading sideways at the price of 1.0870. Anyway, I found that on the 8H time-frame there is the bear flag and rejection of the middle Bollinger band, which is sign that potential downside trend may resume.

Watch for selling opportunities with the downward targets at 1.0770 and 1.0635.

Stochastic oscillator is showing potential bear cross and currently is at the level of 50.

Resistance levels are set at the price of 1.0920.

Support levels and downward targets are set at the price of 1.0770 and 1.0635.

Petar Jacimovic
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off