Technical analysis of EUR/USD for 15/02/2019

Technical analysis of EUR/USD for 15/02/2019

Another short-lived bounce was capped at the resistance level

Technical market overview:

The EUR/USD pair has bounced from the support at the level of 1.1249 and then bounced toward the level of 1.1309. Then the market reversed quickly as the bounce was very short-lived and the bears have managed to break throught he support at the level of 1.1284 again. Currently, the price is still trading around this level, but due to the weak and negative momentum, the outlook remains bearish and new lows should be expected soon. No candlestick trend reversal pattern was present up to the time of writing the analysis article.

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:

All sell orders from yesterday should still be kept open with the same short-term target of 1.1239, but any breakout above the technical resistance at the level of 1.1309 should be a signal to close the sell orders as the correction is getting bigger. The key technical resistance zone is still located between the levels of 1.1321 - 1.1341.

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