Corona virus new:
London insists it won't request an extension to EU-UK trade talks despite the EU's lead negotiator Michel Barnier announcing he has contracted COVID-19.The UK government is also doubling down on its threat to walk away at the end of June if sufficient progress hasn't been made in EU-UK trade talks.London issued a statement today saying they wish Michel Barnier a "speedy recovery" but says it intends to conclude talks on a future relationship by the end of the year regardless of the global pandemic.
And a UK government source has confirmed to Euronews that they still intend to walk away from negotiations if they feel sufficient or meaningful progress hasn't been made by June.
Technical analysis:
EUR/USD has been trading sideways at the price of 1.0740. Anyway, there is the breakout of the Pitchfork lower parallel line in the background, which is sign of the strong downside condition.
Watch for selling opportunistic with the downward targets at 1.0580 and 1.0510.
MACD oscillator is showing strong selling pressure from the background, which is strong sign of the bearish pressure.
Resistance levels are set at the price of 1.0830.
Support levels and downward targets are set at the price of 1.0580 and 1.0510.
