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Good and bad news | 01 June 2020

01 June 2020, EUR/USD

Good and bad news

EURUSD trading plan:

Good and bad news for the euro. German retail sales fell at their fastest pace since 2007 in April. Retail sales dropped by 5.3% on the month in real terms after an upwardly revised drop of 4.0% in the previous month, data from the Federal Statistics Office showed. Positive news for the Euro is a bullish rally in the gold market. The European currency and the precious metal correlate with each other. Federal Reserve Chairman Jerome Powell said Friday that while he was a bit less tense about the economy, he is still concerned about a potential "second wave" of the COVID-19 outbreak. Investors are increasing their long positions in the precious metals market.

Trading recommendation: range 1.1070 -1.1150

David Johnson
Analyst of «FreshForex» company
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