Technical analysis of EUR/USD for 02.05.2019

Technical Market Overview:

The EUR/USD pair has made a trend reversal candlestick pattern called Bearish Engulfing after the 61% Fibonacci retracement was hit and tested. The local high was made at the level of 1.1264, but the big reversal candle closed close to the end of the range, so the reversal signal is clear. The first technical support is seen at the level of 1.1176 again and nay breakout below this level will be considered bearish.

Weekly Pivots:

WR3 - 1.1369

WR2 - 1.1315

WR1 - 1.1220

Weekly Pivot: 1.1165

WS1 - 1.1067

WS2 - 1.1006

WS3 - 1.0913

Trading recommendations:

The sell orders should be now in play due to the potential reversal candlestick pattern at the H4 time frame chart. Any breakout below the level of 1.1176 might accelerate the losses and the price will dive towards the level of 1.1118.

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