Technical Market Outlook:
The target for EUR/USD bears has been seen at the level of 1.0779 - 1.0767, which is a key short-term support zone for bulls. This zone was hit yesterday and the EUR/USD bounced towards the nearest technical resistance located at the level of 1.0846 after a Pin Bar candlestick was made. The bulls hasn't made a new local high yet, so the next target for them is seen at the level of 38% Fibonacci retracement at 1.0862 and 1.0878. The momentum remains neutral, but might turn positive any time now.
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).
