Technical analysis of EUR/USD for 11/02/2019

Technical market overview:

The EUR/USD pair is continuing the move down as it just closed below the key technical support zone between the levels of 1.1324 - 1.1336 with a low at 1.1320. This is not a good sign for bulls at the beginning of the new trading week as the bearish pressure is still continuing. The next target for the price is seen at the level of 1.1284 - 1.1289.

Due to the bullish divergence building at this time frame, there is s possibility of a horizontal move for some time before the short-term downtrend will continue. The levels to watch for the resistance are 1.1350 and 1.1360.

Weekly Pivot Points:

WR3 - 1.1528

WR2 - 1.1495

WR1 - 1.1390

Weekly Pivot - 1.1351

WS1 - 1.1247

WS2 - 1.1212

WS3 - 1.1101

Trading recommendations:

Due to the downtrend continuation, the traders should open only sell orders as close as possible to the level of 1.1350 with a target at the level of 1.1284.

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The material has been provided by InstaForex Company - www.instaforex.com