Figure 1: The EURUSD currency pair on the daily chart
The price created a new low at point B. This is another new low and confirms that the pair is in a downward trend. The EMA 50 is below the SMA 100, which also confirms the downward trend. The price is now approaching the first resistance level on the Fibonacci level of 61.8%. The last day candlestick of March 30, 2020, is bearish, indicating a possible turnover and weakening of the EURUSD.
However, according to the COT report, big speculators expect rather strengthening of the euro. From the point of view of the technical analysis, the Purple Extreme indicator has exited the oversold zone which may also indicate its further rise.
So we have quite conflicting signals here. Fundamental data could, therefore, determine the next direction of movement. This week, PMI data from Germany, which have a strong impact on the euro, are expected on Wednesday. ISM PMI data will be reported in America on Wednesday, further information on unemployment benefits will be reported on Thursday and NFP data will be released on Friday.
The closest resistance is in the band 1.1150 - 1.1170. Strong support is in the band 1.0630 - 1.0680.
The USDJPY currency pair
The Japanese yen is historically considered as a safe haven, so in times of crisis we often see that it is strengthening, so USDJPY should decline. This actually happened last week when the pair began to decline after approaching the resistance level.