Corona virus news:
Corona virus is representing the big problem global and it is giving very hard time in Europe. EUR continues further drop and there is still room for more downside pressure.
European leaders attempted to prepare their electorates for the unprecedented trials ahead as comprehensive curbs on national life came into force in a bid to control the spread of the deadly coronavirus.
In a series of public addresses, the leaders of countries from Finland to Germany sought to convince populations of the need for restrictions on their daily lives ranging from school and workplace closures to the shuttering of non-essential shops and services. Italy, which has been labouring under similar limitations for more than a week now, showed the reason for such measures as it announced that the number of COVID-19 cases had reached almost 28,000.
Technical analysis:
EUR/USD traded downside as I expected. The price is testing the level at 1.1005 and it is heading towarrds our main downside targets. The sell is triggered on the breakout of the mini upward Pitchfork channel. Watch for intrraday selling opportunities on the rallies.
Downward targets are set at the price of 1.0830 and 1.0785.
MACD oscillator is showing new momentum down, which is strong sign of the bearish pressure.
Resitance level is set at the price of 1.1062
Support levels and downward targets are set at the price of 11.0830 and 1.0785.
