Technical analysis of EUR/USD for 29/03/2019

Technical market overview:

The EUR/USD pair has made another lower low at the level of 1.1214 as anticipated. The technical support at the level of 1.1220 was hit as well and the trendline has not been violated yet. It all indicates the bears have control over the market despite the oversold conditions at the H4 time frame. The momentum is still weak and negative. Moreover, there is no price or candlestick reversal pattern present, so the price might keep going down for some more time. The next target is seen at the level of 1.1176.

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 second target for bears for this week at 1.1220 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 1.1176. 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