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Overview:
Because of Coronavirus , the economy is still weak, and you will be shocked by the supply chains for some time.
The upside correction after +414 pips rally (1.1050 - 1.0636).
The EUR/USD pair recovered for that it rebounded from the bottom of 1.0636 to close at the 1.1050 price.
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. 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 (below the daily support).
The bullish outlook remains the same as long as the RSI indicator is pointing to the upside on the one-hour chart.
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