Technical Market Outlook:
After the bounce from the level of 1.0727 the EUR/USD pair is climbing higher step by step towards the key short-term resistance located at the level of 1.0878. So far the bulls were able to make a new local high at the level of 1.0849 and they are under the bearish pressure again. Before the bulls hit the 1.0878 resistance, there is a local technical resistance level located at 1.0846 that must be violated first. The momentum is still strong and positive and market conditions are not overbought yet, so the odds for another wave up are high.
Weekly Pivot Points:
WR3 - 1.1057
WR2 - 1.0976
WR1 - 1.0895
Weekly Pivot - 1.0809
WS1 - 1.0731
WS2 - 1.0641
WS3 - 1.0563
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).
