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Technical Market Outlook:
The EUR/USD pair has hit the 38% Fibonacci retracement at the level of 1.0913 but failed to rally higher after a Pin Bar candlestick pattern has been made at the top of the move. However, no new local low was made and bulls have managed to push the price higher after a bounce from the level of 1.0830. Currently, the EUR/USD pair is about to hit 50% Fibonacci retracement located at the level of 1.0958 and the strong and positive momentum helps the bulls to push the rate towards this level. Please notice, there is another Fibonacci retracement left to test: 61% located at the level of 1.1002.
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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