May 1, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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Few weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.

This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where significant bearish rejection was demonstrated on April 15.

Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) then 1.1235 (78.6% Fibonacci).

For Intraday traders, the price zone around 1.1235 (78.6% Fibonacci) stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed on April 23.

Currently, the price zone around 1.1235-1.1250 has turned into supply-zone to be watched for bearish rejection.

Two days ago, a recent bullish head and shoulders pattern was being demonstrated around 1.1140 on the H4 chart.

That's why, conservative traders were suggested to wait for another bullish pullback towards 1.1230-1.1250 for a valid SELL entry.

Trade recommendations :

Conservative traders can look for a valid SELL entry anywhere around the current price levels (1.1250).

S/L should be located above 1.1280 while Target levels canbe located around 1.1170 and 1.1130.

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