FX.co ★ EUR/USD analysis for 04.20.2020 - Watch for the breakout of trading range to confirm further direction

Corona virus summary:

Angela Merkel warned of the possibility of a second wave of coronavirus infection if lockdown measures were eased too swiftly.

In a video call with party colleagues the chancellor said the "discussion orgies" taking place in some German federal states on relaxing curbs on public life were unhelpful and could lead to a rise in the country's infection rate. She said she was "greatly concerned" the public might let its guard down.

Technical analysis:

EUR/USD has been trading sideways at the price of 1,0855. The EUR is trading in well defined trading range between the price of 1.0820 (support) and 1,0895 (resistance).

Watch for potential breakout of the resistance at 1,0895 to confirm further upside movement. In case of the upside breakout, the targets would be set at the prrice of 1,0940 and 1,0985.

Support level is set at 1,0900.