May 2, 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.

Today, bearish persistence below 1.1175 is needed to ensure further bearish decline. Otherwise, another bullish pullback maybe executed towards 1.1190-1.1210.

Trade recommendations :

Conservative traders were suggested to have a valid SELL entry anywhere around 1.1250. It's already running in profits.

S/L should be lowered to 1.1220 to secure some profits.

Target levels to be located around 1.1170 and 1.1130.

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