ZuluTrade Blog

Make or Break for EURUSD!

Market View | Friday, May 15, 2020 1:17 PM GMT

EURUSD is looking for the next catalyst event as it’s still consolidating within a wide price zone. The pair didn’t move significantly after Eurozone’s economic reports. The EU imports collapsed 10% in March due to the coronavirus outbreak. Likewise, EU exports dropped by 6.2% in March but most importantly, EU GDP shrinks 3.8%, the highest since relative records began in 1995. On the other hand, the Employment Drop was just 0.2% in Q1.

Lest review the technical outlook of EURUSD.   

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Starting with the weekly chart, the pair holds above the trendline which has been tested multiple times. RSI (5) moves in sideways without a clear direction.


Heading to the daily chart, the pair is ranging for almost 1 week. Its currently testing the lower side of the drawn triangle. RSI (5) is creating higher highs and lows.
However, the price still remains below 20EMA and 50SMA which verifies the bearish status.


Finally, reviewing the hourly, the bias is not clear. It’s testing the 50SMA but hasn’t yet closed above it. Fibonacci retracement levels provide levels of resistance. 


Checking the ZuluTrade’s Traders Sentiment, the community is currently selling EURUSD.


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