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Technical Analysis of EUR/USD for 01/05/2020:

Technical Market Outlook:

The EUR/USD pair has tested the key short-term resistance located at the level of 1.0951, but the bulls were rejected from this level. Please notice, that this level is very close to the upper parallel channel boundary, so a breakout might be a tricky one. 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 1.0893 and if violated, the sell-off might accelerate towards 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