Technical Market Overview:
The coronavirus fears are still spreading across the financial markets despite the temporary stillness and the EUR/USD pair has broken through all of the internal Fibonacci retracements and technical support levels. The bears have managed to hit the level of 1.1065 which is the key short-term support level. The Pin Bar candlestick pattern made after that move down is indicating a bullish activity. In that case, the nearest technical resistance is seen at the level of 1.1199 and 1.1232. Please notice, the market conditions are now become oversold at the H4 timeframe.
Weekly Pivot Points:
WR3 - 1.1782
WR2 - 1.1563
WR1 - 1.1471
Weekly Pivot - 1.1255
WS1 - 1.1146
WS2 - 1.0916
WS3 - 1.0820
Trading Recommendations:
The downtrend was valid as long as it was terminated or the level of 1.1445 clearly violated, so now all upward moves will not be treated as local corrections in the downtrend, but as a new uptrend. The Ending Diagonal price pattern visible on the larger timeframes like weekly has been completed and the EUR/USD is developing a new wave up.
