Technical analysis of EUR/USD for 29.05.2019

Technical Market Overview:

The EUR/USD pair is in full retreat mode after the Gravestone Doji candlestick pattern was made below the trendline dynamic resistance around the level of 1.1215. The price has now broken below the support (now resistance) at the level of 1.1174 and is heading lower, towards the level of 1.1111 again. The oversold market conditions and negative momentum support the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.1355

WR2 - 1.2080

WR1 - 1.1254

Weekly Pivot - 1.1180

WS1 - 1.1146

WS2 - 1.1076

WS3 - 1.1043

Trading Recommendations:

The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.1174. All the open sell orders should set the take profit at the level of 1.1111. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the downtrend.

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