Technical Market Outlook:
The EUR/USD pair has tested the key short-term resistance located at the level of 1.0951, but the bulls were rejected from this level. Please notice, that this level is very close to the upper parallel channel boundary, so a breakout might be a tricky one. The momentum is still strong and positive, but the market conditions are overbought, so the odds for another dynamic wave up are decreasing. The nearest technical support is seen at the level of 1.0893 and if violated, the sell-off might accelerate towards 1.0809.
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).
