The world has witnessed the capital escape from the "risky assets". The panic corporate bonds sales supported the demand for the single European currency as a funding currency. In addition, there was the Germany and the US negative government bond yields decline in the bond market which makes investments in the US assets less attractive that is also a positive factor for the pair EUR/USD. By the end of the trades the pair showed a rebound downwards.
The euro strengthened against the dollar by 340 points and now there is a corrective rebound from the resistance level of 1.1710 with the support target near the level of 1.1420.
The price is finding the first support at 1.1420, the next one is 1.1260. The price is finding the first resistance at 1.1530, the next one is at 1.1590.
There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is correcting.
We suppose the pair will go to 1.1530 first. Having overcome the first target the price might go upwards to 1.1590.