Technical Market Outlook:
The EUR/USD has retraced 61% of the last short-lived corrective wave up and is trading around the level of 1.0830. The bears are still trying to push the rate even lower, so another wave down towards the next technical support at the level of 1.0778 is possible.The USD dollar keeps appreciate across the board as the global coronavirus pandemic continues, so the EUR down move is favored. The market conditions are starting to become oversold, but it is not a time for a serious bounce yet. 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).
