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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

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Corona virus summary:

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.

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