EURUSD - Bullish Momentum Stalling ?

The above chart illustrates EURUSD on the 1 hour timeframe.

Currently the pair is struggling to develop another bullish impulse wave to the upside as France and Germany proposed a $545 Billion E.U. Corona Virus relief fund to be given out as grants to those negatively impacted from the virus.

As noted on the chart if we break below that yellow line around 1.0890, that might signal some further downside. On the other hand if this pair maintains that bullish momentum from the previous upswing, our near-term target should be limited to the top of the current range resistance around 1.0980

Additional Side Notes

Unemployment in the UK came was also released and increased to 856.5K for the month of April. Consensus was for only 676.5K
On a positive note, the unemployment actually dropped down to 3.9% which is less than the previous month at 4.0%

Some analysts are forecasting for 7.2% UK unemployment by year end.

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