Technical Market Outlook:
The EUR/USD pair has broken out of the wedge pattern as anticipated. The Bearish Engulfing pattern made at the top of the move at the level of 1.0990 has been the trigger for bears to more actively push on the rate and eventually the price has felt to the level of 1.0859. The momentum gone negative and the market is coming off the overbought levels as well, so more downside is expected. The next target for bears is seen at the level of 1.0778 which is the key technical support for the EUR/USD in the short-term.
Weekly Pivot Points:
WR3 – 1.1207
WR2 – 1.1072
WR1 – 1.1024
Weekly Pivot – 1.0897
WS1 – 1.0839
WS2 – 1.0706
WS3 – 1.0650
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).
The material has been provided by InstaForex Company – www.instaforex.com
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
