Technical Analysis of EUR/USD for May 20, 2020:

Technical Market Outlook:

The EUR/USD pair has broken through the level of 61% Fibonacci retracement at 1.0921 and rallied towards the level of 1.0951 which was the next technical resistance for bulls. The market has made a Doji candlestick at the top of the move at the level of 1.0976, just below the level of 1.0991. This level must be clearly violated in order to rally towards the swing high at 1.1017. The momentum is now strong and positive, but still no clear trend indication, but the larger time frame trend remains down.

Weekly Pivot Points:

WR3 - 1.0995

WR2 - 1.0945

WR1 - 1.0876

Weekly Pivot - 1.0824

WS1 - 1.0753

WS2 - 1.0693

WS3 - 1.0627

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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