Technical Market Outlook:
The EUR/USD bears have manage to push the prices through the short-term support located at the level of 1.0893 and through the trend line support as well. The momentum is now negative, so the odds for another dynamic wave up are decreasing. If the 61% Fibonacci retracement gets clearly violated, then the next technical support is seen at the level of 1.0779 and if broken, the sell-off might accelerate towards 1.0727.
Weekly Pivot Points:
WR3 - 1.1279
WR2 - 1.1141
WR1 - 1.1073
Weekly Pivot - 1.0940
WS1 - 1.0861
WS2 - 1.0728
WS3 - 1.0662
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and this fear still rules on the financial markets. 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).
