The pair consolidates above 1.0825 in anticipation of the new ZEW economic sentiment index for the eurozone and Germany. Negative values caused by chaos in the European Union due to the coronavirus impact can lead to a new local drop in the price.
Technical side:
The price is below …
The support level of 116.34 holds back sellers (a false breakout has formed). The descending H12 level pattern is truncated. A bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator signals oversoldness.
Trading recommendations:
Buy while an ascending wave pattern is forming, where the wave (A) breaks through …
The price pivot zone of 151.00 holds back buyers. Stochastic Oscillator signals overboughtness. The inclined channel of the ascending pattern is broken by the formation of a descending 1-2-3 pattern.
Trading recommendations:
Sell below 143.00.
Stop loss: 151.00.
Target levels: 131.00; 123.00.
monitor the movement …
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