Technical Analysis of EUR/USD for Apr 14, 2020

Posted On 14 Apr 2020

Technical Market Outlook:

The EUR/USD pair has hit the 50% Fibonacci retracement at the level of 1.0958 but failed to rally higher after a Pin Bar candlestick pattern has been made at the top of the move. However, no new local low was made yet and the strong and positive momentum might help the bulls to push the rate towards the retracement level again. Please notice, there is another Fibonacci retracement left to test: 61% located at the level of 1.1002.

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).

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Source:: Technical Analysis of EUR/USD for 14/04/2020:

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