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EURUSD falls through 1.08 & Nasdaq turns positive for 2020


8 May 2020

The situation for the EURUSD remains bleak with the Eurodollar continuing to fall through support levels. During trade on Thursday it hasn’t taken long for the pair to fall straight towards 1.0765 after declining below 1.08. There does still appear to be some further leg room for the EURUSD to push lower, so there is potentially a move in play where stops are now positioned to 1.08 in the hope that the EURUSD can fall further towards the April 24 and March 24 lows for the Daily candlesticks between 1.0726-1.0719.

Elsewhere and in a cautious market overall, Nasdaq has ventured higher to now trade up for the year. This is an astounding achievement when you consider that major stock markets in the U.S declined as much as above 20% just over two months ago. The Nasdaq is driven by technological stocks that continue to perform impressively during these extraordinary times, including Netflix and Amazon.

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