Overview:
Amid ascending coronavirus fears since several weeks.
The euro weakened after the European Central Bank declared more motivations to fight the coronavirus impact but did not lower interest rates.
Techinacally, the EUR/USD pair continues to move downwards from the level of 1.1225.
Yesterday, the pair dropped from the level of 1.1225 (this level of 0.9965 coincides with the 50% retracement levels) to the bottom around 1.0955.
Today, the first resistance level is seen at 1.1083 followed by 1.1225, while daily support 1 is found at 1.0955.
Also, the level of 1.1083 represents a weekly pivot point for that it is acting as major resistance/support this week.
Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1083 towards the first support level at 1.0853 in order to test it.
If the pair succeeds to pass through the level of 1.0853, the market will indicate a bearish opportunity below the level of 1.0770.
However, if a breakout happens at the resistance level of 1.1225, then this scenario may be invalidated.
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.
