Germany between hope and fear
In Germany, the lockdown easing is under way as shops are allowed to open, and other people are required to wear face masks publicly as a compulsory act. However, May Gfk Consumer Confidence fell unexpectedly to -23.40 this morning because it was anticipated at -1.8. it had been at 2.3 in April.
From a technical point of view, EUR/USD has escaped from triangle pattern in situ since March and remains capped by its 50-day moving average (in blue). The daily RSI stands within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.1030. the closest support would be set at horizontal support at 1.0780 and a other would be set at set at March bottom at 1.0630 in extension.
From a technical point of view, EUR/USD has escaped from triangle pattern in situ since March and remains capped by its 50-day moving average (in blue). The daily RSI stands within its selling area between 50 and 30. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.1030. the closest support would be set at horizontal support at 1.0780 and a other would be set at set at March bottom at 1.0630 in extension.
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