Technical Analysis of EUR/USD for May 26, 2020

Posted On 26 May 2020

Technical Market Outlook:

The EUR/USD pair has made a temporary low at the level of 1.0870 and after the Hammer candlestick pattern was made, the bulls took over the market and pushed the price towards the next technical resistance located at 1.0951. The market conditions are still in their favor, so does the increasing momentum. On the other hand, the next target for bears is seen at the level of 1.0858, which is 61% of the Fibonacci retracement or at the next technical support at 1.0850.

Weekly Pivot Points:

WR3 – 1.1206

WR2 – 1.1107

WR1 – 1.0997

Weekly Pivot – 1.0901

WS1 – 1.0789

WS2 – 1.0688

WS3 – 1.0567

Trading Recommendations:

On the EUR/USD pair the main long term 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 May 26, 2020:

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