Euro weakens against the increasing demand for the greenback amidst the ongoing Pandemic. However, Beijing plans to lodge a new controversial security law in Hong Kong after Beijing being agitated with the failure after making a last attempt in 2003—after getting handed over by Britishers. This is likely to create an even more hassle between the United States and China.
Moreover, the US is slashed after China spread Coronavirus have taken the graph to a 5 million infected people all around the world and counting as the officials allow relaxations and the gradual opening of the economy amidst the lockdown in many countries.
On the hourly chart, EUR/USD grew from a weekly low of 1.079 to a weekly high of 1.10096, while currently trades at 1.092 and just around the press time a recent bearish candlestick breached below 38.20% Fib Retracement level. Otherwise, the pair maintain a stance above 38.20% Fib until there happened to a bearish candlestick trend revision, yesterday, after which Euro lost its winning streak. However, it was just yesterday when the pair had hit the weekly high price slightly above 1.10, which served as a strong resistance previously.
With the increasing demand of the American Dollar, Euro is facing an utter selling pressure now as the RSI lies at 35.27 after yesterday’s steep fall. The MACD of the pair is also drawing a bearish crossover, and the signal line is crossing above after losing the farfetched gains.