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Technical Analysis of EUR/USD for Apr 15, 2020
Technical Market Outlook:
The EUR/USD pair has almost hit 61% Fibonacci retracement that is located at the level of 1.1002, but eventually 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, that the EUR/USD might be developing a Rising Wedge price pattern, which is ultimately bearish in the short-term. Break out of the wedge (brown lines on the char) will be the first signal triggering the possible bell-off towards 1.0888 and below.
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
