FX.co ★ Technical analysis of EUR/USD for 18/03/2020:

Technical Market Overview:

The EUR/USD pair has broken below the trendline support around the level of 1.1065 (marked in black), which was the additional key support holding the bearish attacks and is currently trading in a narrow horizontal range located between the levels of 1.096 - 1.1040. The market conditions are oversold on the H4 timeframe with momentum oscillating around the neutral level. The next target for bulls is seen at the level of 1.1090 and with increasing momentum on this timeframe, the odds are high. The technical support is located at the level of 1.0951 and 1.0878.

Weekly Pivot Points:

WR3 - 1.1749

WR2 - 1.1625

WR1 - 1.1316

Weekly Pivot - 1.1171

WS1 - 1.0880

WS2 - 1.0735

WS3 - 1.0438

Trading Recommendations:

The downtrend was valid as long as it was terminated or the level of 1.1445 clearly violated, so now all upward moves will not be treated as local corrections in the downtrend, but as a new uptrend. The Ending Diagonal price pattern visible on the larger timeframes like weekly has been completed and the EUR/USD is developing a new wave up.