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27.05.202013:25 Forex Analysis & Reviews: EUR/USD analysis for May 27, 2020 - Upward target reached at the price of 1.1000 but there is potential for the rotation down due to overbought condiiton

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Corona virus summary:

New Zealand expects plan for safe travel with Australia in June. New Zealand Prime Minister Jacinda Ardern said on Wednesday a draft blueprint on safely starting travel between New Zealand and Australia will be presented to both governments in early June, Reuters reports. The neighbours have been discussing the possibility of a travel bubble between them as both have slowed the spread of the novel coronavirus to levels well below those in United States, Britain and some other European countries.

Technical analysis:

EUR has been trading upwards. As I expected, the Gold reached the upward target at the price of 1,1000. Anyway, I found that there is the chance for the downside rotation in next period due to overbought condiiton and potential rejection of the resistance trendline.

Trading recommendation:

Watch for potential downside rotation towards the level at 1,0950.

Stochastic oscillator is in overbought condiiton and there is potential for the bearish divergence to develope.

Support level is seen at the price of 1,0950.

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