Technical Market Outlook:
The EUR/USD pair has made another local low at the level of 1.2011 as the bears are in control of the market. The new intraday technical support is seen at the level of 1.2000 and the intraday technical resistance is located at 1.2053 and 1.2060. The momentum is weak and negative, together with the current market conditions, so the next target for bears is seen at the level of 1.2000 or below at 1.1965. This is the key short-term technical support for bulls. Violation of this level will have the real consequences for bulls.
Weekly Pivot Points:
WR3 – 1.2318
WR2 – 1.2247
WR1 – 1.2192
Weekly Pivot – 1.2115
WS1 – 1.2070
WS2 – 1.2000
WS3 – 1.1940
Since the middle of March 2020 the main trend is on EUR/USD pair has been up. This means any local corrections should be used to buy the dips until the key technical support seen at the level of 1.1609 is broken. The key long-term technical resistance is seen at the level of 1.2555. Any violation of the level of 1.2154 supports the trend change/corrective cycle scenario.
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.