News:
German exports see worst month-on-month decline since 1990 reunification
Moving away from that very sad news now to Germany, where exports plunged by 11.8% in March, their worst month-on-month fall since the country's 1990 reunification, statistics authority Destatis said Friday.
The data illustrated the first monthly impact of the coronavirus epidemic on Europe's biggest economy. The drop was far steeper than a five percent forecast from analysts surveyed by Bloomberg.
Technical analysis:
EUR/USD has been trading upwards. As we expected yesterday, the price tested the level of 1,0860 . I still expect further upside movement towards the levels at 1,0900 and 1,0925.
Trading recommendation:
Watch for buying opportunities on the dips using the intraday frames due to the breakout of the downward channel in the background and shake-out in the background.
Upward targets are set at the price of 1,0900 and 1,0925.
Support levels are set at the price of $1,712 and $1,680.
