FX.co ★ EUR/USD analysis for 05.13.2020 - First upward target at the price of 1.0875 reached. I expect further upside and test of the next upward target at 1.0925

Corona virus summary:

Russia registers more than 10,000 new cases

Russia registered more than 10,000 new coronavirus cases on Wednesday, continuing a grim trend that has seen the country become a global virus hotspot, AFP reports. Health officials reported 10,028 new cases over the last 24 hours, bringing Russia's total number of infections to 242,271.

The Kremlin this week eased a national lockdown to slow the spread of the virus, despite a steady rise in numbers that has brought Russia to second place in a global tally of infections, behind the United States.

A majority of Russia's new cases were registered in the capital, a government virus tally said, where Moscow's mayor, Sergei Sobyanin, has extended a lock-down until the end of May.

Technical analysis:

EUR/USD has been trading upwards as I expected. The EUR reached my first yesterday's target at the price of 1,0875. I still expect upside movement towards the my second target at the price of 1,0925.

Trading recommendation:

Watch for buying opportunities on the pull backs due to strong upside cycle and further rally expectation. The next upward target is set at the price of 1,0925.

.Support level is set at the price of 1,0830