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Overview:
Coronavirus (COVID-19) - EUR/USD.
The Euro currency is struggling coronavirus and US dollar massive impulse. Currently, the EUR/USD pair has been trading around 1.1.000.
European motivations may be enough to impact looking forward for the European Union and the United States.
The economic growth difference is in favor of the Euro, especially if the US strategy to contain coronavirus prolongs the fight against it
The EUR/USD pair recovered for that it rebounded from the bottom of 1.0636 to close at 1.1005 yesterday.
Technically, on one-hour chart, the EUR/USD pair is continuing in a bullish market from the supports of 1.0915 and 1.0808. Also, it should be noted that the current price is in a bullish channel. Equally important, the RSI isstillsignalingthat the trend isupward as it is still strong above the moving average (100) since yesterday. Immediate support is seen at 1.0915 which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support sets at the level of 1.0915. So, the market is likely to show signs of a bullish trend around the spot of 1.0915. In other words, buy orders are recommended above the golden ratio (1.0915) with the first target at the level of 1.1087. Furthermore, if the trend is able to break through the first resistance of 1.1087. As a result, the pair will climb towards the double top (1.1230) to test it. On the other hand, stop loss should always be in account, so, it must set the stop loss below the second support of 1.0915.
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