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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 15951, member: 2617"] [B]Technical Analysis of EUR/USD for May 13, 2020:[/B] [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200513/analytics5ebb8e13e2cec.jpg[/IMG] Technical Market Outlook: The EUR/USD was rejected for the second time at the level of 38% Fibonacci located at 1.0862 after a Shooting Star candlestick pattern was mad around the level of 1.0878. 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 38% Fibonacci retracement at 1.0862 and 1.0878. This level must be clearly violated in order to rally towards higher levels. The momentum remains neutral, but might turn negative any time now. Weekly Pivot Points: WR3 - 1.1136 WR2 - 1.1058 WR1 - 1.0936 Weekly Pivot - 1.0853 WS1 - 1.0718 WS2 - 1.0627 WS3 - 1.0520 Trading Recommendations: The fear of the coronavirus consequences has decreased among the global investors 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). [I][URL="https://www.instaforex.com/forex_analysis"]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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