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Technical Market Outlook:
The EUR/USD pair has broken out of the ascending channel and almost hit the 61% Fibonacci retracement of the last swing down located at 1.1167. Despite the overbought market conditions the momentum is still quite strong and currently the market has pulled-back towards the technical support located at the level of 1.1074. The rally towards the 61% Fibonacci can still be continued as long as the level of 1.0961 is not violated. Please notice, that the larger time frame trend remains down and all the moves up will be treated as a local counter-trend corrections during the down trend.
Weekly Pivot Points:
WR3 - 1.1885
WR2 - 1.1507
WR1 - 1.1380
Weekly Pivot - 1.1006
WS1 - 1.0876
WS2 - 1.0484
WS3 - 1.0325
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. ON the EUR/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).
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