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Overview:
Coronavirus affected the Forex Markets such as on the EUR/USD pair.The biggest economy in the world is totally unready for this Coronavirus crisis. Hence, it should be noted that the market is not stable yet. The US dollar seems to be losing the battle against COVID-19 for that the EUR/USD pair can still form an ascending impulse, it continues to rise upwards.
The major support is seen at 1.0952 which coincides with the ratio of 61.8% Fibonacci retracement levels. The bullish outlook remains the same as long as the RSI indicator is pointing to the upside on the one-hour chart. According to the main scenario, it may start forming correctional structures. Today, we foresee the price to move towards the level of 1.1103 and then reach a new maximum again around the price of 1.1147 Please, note that the strong resistance stands at the level of 1.4030. If the price breaks the level of 1.4030, we expect potential testing of 1.1147.
The current ascending structure implies that the market may reach the level of 1.1254. In this area, the trend is challenging a major resistance level. The ascending impulse is strong enough to buy above the support of 1.1050. Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 1.1050 with the targets at 1.1147 and 1.1254. So, it is recommended to place take profit at the price of 1.1254 as the last target today. On the contrary, stop loss should be placed at the price of 1.0952.
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