Technical Market Outlook:
After the Hammer candlestick pattern was made at the level of 1.0870, the bulls took over the market and pushed the price towards the next technical resistance located at 1.0991. This level is the lower boundary of the supply zone so any violation of this zone would be even more bullish. The market conditions are still in their favor, so does the increasing momentum. On the other hand, the next target for bears is seen at the level of 1.0858, which is 61% of the Fibonacci retracement or at the next technical support at 1.0850.
Weekly Pivot Points:
WR3 - 1.1206
WR2 - 1.1107
WR1 - 1.0997
Weekly Pivot - 1.0901
WS1 - 1.0789
WS2 - 1.0688
WS3 - 1.0567
Trading Recommendations:
On the EUR/USD pair the main long term 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).
