Technical Market Outlook:
The EUR/USD pair has broken above the level of 1.1050 and keeps going higher inside of the ascending channel. 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 1.1148 and 1.1190. The immediate support is seen at the levels of 1.1050, 1.1017 and 1.0991. Please notice, the market conditions are starting to become overbought, so a corrective pull-back is still on the table.
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).
