Technical analysis of selected titles as at May 4, 2020
The moving averages used in the charts are EMA 50 (orange line) and SMA 100 (blue line).
The EURUSD currency pair
A meeting of the ECB took place last week, at which rates were kept at the same level. The EURUSD responded by growing. No significant data is expected from the euro's point of view this week, but the euro could potentially be affected by reports on the further steps in opening up the German economy, which German leaders will discuss on Wednesday. Positive information could send the euro to higher levels.
Generally, the EURUSD is still in a declining trend, see Figure 1, which is confirmed by moving averages, because EMA 50 is still below SMA 100. The triangle lines we drew in previous articles were not respected and last week's price broke through the trend line between CE points and it stopped at the horizontal resistance at point G. Candle from May 4 is strongly bearish. The Purple Extreme indicator was in the overbought zone and is now falling downward. This suggests that the euro could weaken to the nearest support zone (a point F).