Technical analysis of EUR/USD for 07/02/2019

Technical analysis of EUR/USD for 07/02/2019:

The key supporting zone was tested, should we wait for a bounce higher?

Technical market overview:

The EUR/USD market had hit the technical support level at 1.1324 and bounced slightly to the level of 1.1360 before the horizontal consolidation has begun. The market conditions are oversold, so there is a chance for more solid upwards correction towards the level of 1.1380. Nevertheless, the momentum remains weak and negative, so the move up will be considered as a local correction in a downtrend.

Weekly Pivot Points:

WR2 - 1.1577

WR1 - 1.1517

Weekly Pivot - 1.1454

WS1 - 1.1390

WS2 - 1.1330

Trading recommendations:

Yet again the sell orders have hit the take profit level at 1.1324 to the pip, so well done for all that took the setup and trade it. Currently, there is no good trading setup expect a potential corrective move up towards the technical resistance at the level of 1.1380, so the aggressive traders might use the current price levels to enter the buy orders with a protective SL just below the level of 1.1324.

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