Technical Analysis of EUR/USD for 23/04/2020:

Technical Market Outlook:

The EUR/USD pair has made a marginal low at the level of 1.0804 before jumping back to the consolidation zone. Still no breakout occured despite the fact, that bulls tried to bounce towards the level of 1.0893, which is a short-term technical resistance for the price, but failed to extend the rally. This indcates a possible increase in the bearish activity soon, so it is worth to keep an eye on the local support at 1.0804. Any violation of this level will lead to the test of the key short-term support located at the level of 1.0778.

Weekly Pivot Points:

WR3 - 1.1134

WR2 - 1.1063

WR1 - 1.0956

Weekly Pivot - 1.0883

WS1 - 1.0784

WS2 - 1.0701

WS3 - 1.0600

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).

analytics5ea12f178bfaf.jpg

The material has been provided by InstaForex Company - www.instaforex.com