Technical Market Outlook:

The EUR/USD pair has broken above the level of 1.1017, which is the upper supply zone boundary and made a new swing high at the level of 1.1035 (at the time of writing the article). The bulls are then pushing through and the market conditions are still in their favor, so does the increasing momentum. The next target for bulls is seen at the level of 1.1050 and 1.1.074. On the other hand, the next target for bears is seen at the level of 1.0858, which is 61% of the Fibonacci retracement or at the next technical support at 1.0850.

Weekly Pivot Points:

WR3 - 1.1206

WR2 - 1.1107

WR1 - 1.0997

Weekly Pivot - 1.0901

WS1 - 1.0789

WS2 - 1.0688

WS3 - 1.0567

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).