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Yulya Lobanova • 2020-04-17

Technical Analysis: EURUSD remains below support-turned-resistance

Technical Analysis: EURUSD remains below support-turned-resistance

The EURUSD pair's bounce off 1.0816 fails to cross the previous support line, at 1.0885 now, which in turn portrays the underlying weakness in momentum. Hence, the quote's further downside towards the monthly low near 1.0770 remains on the cards. Though, the bears are less likely to get satisfied by then and could keep the helm unless revisiting the March bottom close to 1.0635.

If at all buyers manage to cross 1.0885 trend line resistance, 200-bar SMA near 1.1000 becomes the key concern for them. However, the pair's ability to stay positive beyond 1.1000 will push the bulls to late-March tops near 1.1150 and then to 61.8% Fibonacci retracement level around 1.1165.

Fundamentally, the hopes of the coronavirus cure, as well as the US economic re-start, seems to pave the way for the pair's further recovery moves.

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