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    India 2020-05-07 10:16:07
    Technical index EUR/USD Outlook (07 May 2020)

    Overall, EUR/USD is ranging across. Recently, EUR/USD moved lower into the support level of 1.07800.
    In the released economic forecast yesterday, the European Commission estimated a 7.4% decline in the GDP of the European Union economy this year due to the impact of COVID-19, a drastic change in the direction of growth forecast from the 1.4% growth estimated back in February.
    European Central Bank President Lagarde will be participating in a Bloomberg webinar later at 2200 (SGT). During this time, there may be volatility in EUR.
    Currently, EUR/USD is testing the support level of 1.07800 and the next resistance level is at 1.09700.
    Look for short-term selling opportunities of EUR/USD if it breaks the support level of 1.07800.

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