Technical Analysis of EUR/USD for 09/04/2020:

Technical Market Outlook:

The EUR/USD pair has hit the 38% Fibonacci retracement at the level of 1.0913 but failed to rally higher after a Pin Bar candlestick pattern has been made at the top of the move. If the bulls will keep trying to rally, then they must consider the obstacle that was the technical resistance located at the level of 1.0888. Only a clear breakout above this intraday resistance level would accelerate the rally towards the level of 1.0951. On the other hand, a failure to break out will likely result in deepening the move down and new local lows will be made. The next technical support is seen at the bottom of the swing at 1.0654 and 1.0635.

Weekly Pivot Points:

WR3 - 1.1359

WR2 - 1.1244

WR1 - 1.0981

Weekly Pivot - 1.0872

WS1 - 1.0612

WS2 - 1.0487

WS3 - 1.0228

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 -