Technical analysis of EUR/USD for 02/04/2019

Technical market overview:

The EUR/USD pair has been capped during the pull-back at the level of 1.1249, which is a technical resistance for the bulls. Then the price reversed quickly and went down towards the level of support at 1.1210 and broke below it. The new low was made at the level of 1.1195, but it still does not look like the final low for the price as the target is still seen at the level of 1.1176 - technical support and a swing low.

Weekly Pivot Points:

WR3 - 1.1404

WR2 - 1.1365

WR1 - 1.1280

Weekly Pivot - 1.1244

WS1 - 1.1156

WS2 - 1.1125

WS3 - 1.1041

Trading recommendations:

The pull-back towards the level of 1.1249 has happened as expected, so sell orders should still be open. The short-term trend remains bearish ant the target is still seen at the level of 1.1176, so the sell orders should be kept open until the target is hit.

analytics5ca2ef728355f.jpg

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