Technical Analysis of EUR/USD for May 18, 2020:

Technical Analysis of EUR/USD for May 18, 2020:

Technical Market Outlook:

The EUR/USD pair has been trading inside of a narrow range between the levels of 1.0780 – 1.0846, but the bears are pushing the price towards the level of 1.0767 again. The bulls hasn’t made a new local high yet, so the next target for them is still seen at the level of 61% Fibonacci retracement at 1.0921. This level must be clearly violated in order to rally towards the swing high at 1.1017. The momentum remains neutral, but might turn negative any time now. No clear trend indication, but the larger time frame trend remains down.

Weekly Pivot Points:

WR3 – 1.0995

WR2 – 1.0945

WR1 – 1.0876

Weekly Pivot – 1.0824

WS1 – 1.0753

WS2 – 1.0693

WS3 – 1.0627

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).

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