12.03.202009:15 Forex Analysis & Reviews: Technical analysis of EUR/USD for 12/03/2020:

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Technical Market Overview:

The EUR/USD pair has tested the 61% Fibonacci retracement located at the level of 1.1248, but the bounce from that level was very shallow and bears seem to be in control of the market. The coronavirus fears are still spreading across the financial markets despite the temporary stillness. In that case, the nearest technical support is located at the level of 1.1232 - 1.1250 and the nearest technical resistance is seen at the level of 1.1361 and 1.1406.

Weekly Pivot Points:

WR3 - 1.1782

WR2 - 1.1563

WR1 - 1.1471

Weekly Pivot - 1.1255

WS1 - 1.1146

WS2 - 1.0916

WS3 - 1.0820

Trading Recommendations:

The downtrend was valid as long as it was terminated or the level of 1.1445 clearly violated, so now all upward moves will not be treated as local corrections in the downtrend, but as a new uptrend. The Ending Diagonal price pattern visible on the larger timeframes like weekly has been completed and the EUR/USD is developing a new wave up.

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