• COVID-19 cases on the rise in Europe
  • Pessimism as indicated by ZEW economic sentiment
  • Double Top pattern on EUR/AUD (H1)

The COVID-19 situation in Europe has worsened. Just recently, there has been a spike in the number of new cases in Germany, France and Spain. The Eurozone ZEW economic sentiment, a survey carried out on institutional investors and analysts on their views of the economic outlook for the Eurozone, has declined sharply, reflecting the pessimistic view caused by the pandemic.

On the technical side on things, we can see that a Double Top pattern is currently in formation on the EUR/AUD (H1) chart. Our MACD indicators are also starting to indicate a downward momentum. If the Double Top pattern plays out, a potential sell entry is at 1.6475.


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By Gim Hong Lee

Gim Hong has been a full-time currency trader for more than 2.5 years, focusing on day and swing trading of major currencies and their crosses. He is a frequent contributor of currency and economic analysis in Forex Trading Asia. Graduated from Columbia University in the City of New York with a bachelor’s degree in applied mathematics and statistics, the nerdy side of Gim Hong enjoys learning about data analysis, machine learning and their applications in currency trading.

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