Technical analysis of EUR/USD for 28/03/2019

Technical market overview:

The EUR/USD pair has hit the technical support located at the level of 1.1249 and even a new local low was made at the level of 1.1242. The pair is still trading below the orange trendline, which is another clue regarding who is controlling the market: it unfolds as anticipated and the bearish pressure is still present, so the down move should continue towards the levels of 1.1249 and 1.1220. The nearest technical resistance for the bulls is seen at the level of 1.1284 and 1.1294.

Weekly Pivot Ponts:

WR3 - 1.1551

WR2 - 1.1500

WR1 - 1.1377

Weekly Pivot - 1.1325

WS1 - 1.1198

WS2 - 1.1148

WS3 - 1.1029

Trading recommendations:

The first target for bears at 1.1249 has been hit, but the move down might be still continued due to the weak and negative momentum. If it is so, then the next target is seen at the level of 1.1220 and even 1.1176. All the sell orders should be closed at one of these levels.

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