Technical Market Outlook:
The EUR/USD pair has fallen towards the level of 1.0816 after the Bearish Engulfing pattern made at the top of the last wave up at the level of 1.0990 has been the trigger for bears to more actively push on the rate. The momentum gone negative and the market went off the overbought levels as well, so more downside is still expected. The next target for bears is seen at the level of 1.0778 - 1.0676, which is the key technical support for the EUR/USD in the short-term. No indication of any short-term trend change yet.
Weekly Pivot Points:
WR3 - 1.1207
WR2 - 1.1072
WR1 - 1.1024
Weekly Pivot - 1.0897
WS1 - 1.0839
WS2 - 1.0706
WS3 - 1.0650
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).
