Technical Analysis of EUR/USD for 08/05/2020:

Technical Analysis of EUR/USD for 08/05/2020:

Technical Market Outlook:

The target for EUR/USD bears has been seen at the level of 1.0779 – 1.0767, which is a key short-term support zone for bulls. This zone was hit yesterday and the EUR/USD bounced towards the nearest technical resistance located at the level of 1.0846 after a Pin Bar candlestick was made. The bulls hasn’t made a new local high yet, so the next target for them is seen at the level of 38% Fibonacci retracement at 1.0862 and 1.0878. The momentum remains neutral, but might turn positive any time now.

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).

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