Technical Market Outlook:

The EUR/USD bears have manage to push the prices even deeper towards the level of 1.0782. The target for bears is seen at the level of 1.0779 - 1.0767, which is a key short-term support zone for bulls. If this zone is violated, then the swing lows located at the level of 1.0727 will be tested next. The momentum is now negative, so the odds for another dynamic wave up are decreasing. The nearest technical resistance is seen at the level of 1.0846.

Weekly Pivot Points:

WR3 - 1.1279

WR2 - 1.1141

WR1 - 1.1073

Weekly Pivot - 1.0940

WS1 - 1.0861

WS2 - 1.0728

WS3 - 1.0662

Trading Recommendations:

The fear of the coronavirus consequences is very strong among the global investors and this fear still rules on the financial markets. 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).