Technical Market Outlook:
The EUR/USD pair has bounced from the 61% Fibonacci retracement seen on the weekly time frame and located at 1.1822. The move up was strong, but shallow and there is no new high made yet above the last one seen at the level of 1.1893. In case of the up move continuation, the next target is seen at the level of 1.1914 and above. The nearest technical support is located at 1.1813, 1.1803 and 1.1789.
Weekly Pivot Points:
WR3 – 1.2099
WR2 – 1.2008
WR1 – 1.1924
Weekly Pivot – 1.1834
WS1 – 1.1747
WS2 – 1.1659
WS3 – 1.1571
Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.