FX.co ★ EUR/USD analysis for 04.17.2020 - Double bottom in creation, possible bigger rally on the EUR towards the level of 1.0935

Corona virus summary:

The healthcare system in Belarus is being propped up by volunteers and crowdfunding campaigns as the country grapples with a coronavirus pandemic its president has been hesitant to admit exists.

Belarus has attracted international headlines for its delayed response, continuing to host Europe's only active football league, as the president, Alexander Lukashenko, dismissed the pandemic as a "psychosis".

"No one in the country will die from coronavirus," Lukashenko declared publicly earlier this week.

Meanwhile, a human rights activist and volunteer worker, Andrej Stryzhak, has cofounded the #bycovid19 group to crowdfund, acquire and deliver equipment and protective clothing to medics and other frontline personnel, one of many local initiatives by NGOs and businesses.

Technical analysis:

EUR/USD has been trading downwards towards the level of 1.0818. Due to strong support at the level of 1.0818, the EUR got rejected and there is potential for double bottom and further rise on EUR.

Trading recommendation:

Watch for buying opportunities on the dips using the 5/15 minutes time-frames and target is set at the price of 1.0936.

Stochastic oscillator is in the oversold condition, which is sign that upside rotation might be in the play...

Resistance levels are set at the price of 1.0878.

Key support level is set at the price of 1.0818.