EURUSD Decline Extends As Near Term Bias Turns Bearish Beneath 1.0812 Level

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EURUSD Price Analysis – May 7

The US dollar stayed in demand for the fourth day in a row and continued to exert downward pressure on the EURUSD pair. The FX spot trades horizontally beneath 1.0800 level at press time. Given the effects of the coronavirus disease outbreak, the European Commission said that in 2020 the GDP of the eurozone will decrease by 7.7 percent.

Key Levels
Resistance Levels: 1.1495, 1.1146, 1.0900
Support Levels: 1.0721, 1.0635, 1.0569

EURUSD Long term Trend: Bearish

EURUSD advances are likely to be capped at 1.0812 level with slight resistance hence a bearish potential at 1.0860 level with restrictions near 1.0900 level. A break beneath 1.0768 level attempts at1.0721 lower level of support near the low of April for some gains on short. The next bearish signal is a split underneath.

Within the wider sense, as long as the resistance level of 1.1495 remains unchanged, the entire downward trend from the level of 1.255 (high) level will still be in effect. The initial goal is level 1.0339 (low) level. Nevertheless, a persistent break of 1.1495 level may suggest that such a downward trend is over.

EURUSD Short term Trend: Bearish

Intraday bias in EURUSD remains on the downside towards the support level at 1.0721. A breakdown is to reach a low level of 1.0635. On the upside, the level of resistance beyond 1.0900 minors may first alter neutral intraday bias.

And besides, the corrective trend from the low level of 1.0635 is also ongoing and may continue. However, given a recovery, a 61.8 percent retraction of 1.1495 to 1.0635 at 1.1146 levels may constrain potential upside.

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