Technical Analysis of EUR/USD for 29/04/2020:

Technical Market Outlook:

The EUR/USD pair has hit the key short-term resistance located at the level of 1.0878. So far the bulls were able to make a new local high at the level of 1.0849 and they are under the bearish pressure again. The price was rejected from the level of 1.0878 and a Bearish Engulfing candlestick pattern was made at the end of the move. The momentum is still strong and positive, but the market conditions are overbought, so the odds for another dynamic wave up are decreasing. The nearest technical support is seen at the level of 1.0809.

Weekly Pivot Points:

WR3 - 1.1057

WR2 - 1.0976

WR1 - 1.0895

Weekly Pivot - 1.0809

WS1 - 1.0731

WS2 - 1.0641

WS3 - 1.0563

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