- 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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