FX.co ★ EUR/USD analysis for May 22, 2020 - Rejection of the support at the price of 1.0890. Upside movement is expected towards the level at 1.0940

Corona virus summary:

Tax revenues in Germany fell by a quarter last month, compared with a year earlier, as Europe's largest economy faced its most severe recession since the second world war. The central government and the 16 federal states pulled in about 39bn euros in April, 25.3% less than the same month in 2019.

Technical analysis:

EUR/USD has been trading downwards. The price tested and rejected of the support at the price of 1,0990. Due to rejection of the strgon support, my advice is to watch for buying opportunities.

Trading recommendation:

Watch for buying opportunities near the support at 1,0890. I see potential for the test of the recent swing low on the 4H time-frame at 1,0940.

Stochastic oscillator is showing oversold condition,which is confirming my bullish view

Key support level is set at the price of 1,0885