Technical outlook:
EURUSD rose to 1.1500 level amid the spread the Corona Virus epidemic around the globe. After almost hitting the first price target around 1.1500 level, the pair is expected to retrace towards 1.1100 and up to 1.1050 level which is Fibonacci 0.618 retracement of the entire rally between 1.0778 and 1.1500 respectively. The overall structure remains bullish over the next few months and EURUSD could reach 1.1800 and 1.1200 levels at least during that time. Traders who went long earlier might have looked profits around 1.1500 resistance. Prepare to buy again after the retracement to 1.1050 level. It seems that the euro has formed a support at 1.0778 level and is expected to grow as long as the prices remaim at this level. Immediate support is seen at 1.1100 level and also the resistance turned into the support trend line would provide the bounce for the next rally even higher than bebore.
Trading plan:
Remain long, buy more around 1.1050/1.1100, stop at 1.0770, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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