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Technical Market Outlook:
The EUR/USD pair has hit the 38% Fibonacci retracement at the level of 1.0913 and is trying to rally higher. The current price action acts as there is a Double Bottom pattern made around the support, so the odds for a rally continuation are quite high. The first obstacle that was the technical resistance located at the level of 1.0888, had been violated already and this should accelerate the rally towards the level of 1.0951. On the other hand, a failure to break out will likely result in deepening the move down and new local lows will be made. The next technical support is seen at the bottom of the swing at 1.0654 and 1.0635.
Weekly Pivot Points:
WR3 - 1.1359
WR2 - 1.1244
WR1 - 1.0981
Weekly Pivot - 1.0872
WS1 - 1.0612
WS2 - 1.0487
WS3 - 1.0228
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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