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Technical Analysis of EUR/USD for Apr 1, 2020
Technical Market Outlook:
The EUR/USD pair has made a lowe low at the level of 1.0926 as anticipated. The USD dollar is appreciated across the board as the global coronavirus pandemic continues, so the EUR moves a little lower. The market conditions are now coming off the overbought leves, so another wave down towards the next technical support at the level of 1.0888 is possible. The rally towards the 61% Fibonacci will likely not be continued as the level of 1.0926 had been violated. Please notice, that the larger time frame trend remains down and all the moves up will be treated as a local counter-trend corrections during the down trend.
Weekly Pivot Points:
WR3 – 1.1885
WR2 – 1.1507
WR1 – 1.1380
Weekly Pivot – 1.1006
WS1 – 1.0876
WS2 – 1.0484
WS3 – 1.0325
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
