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Technical analysis of EUR/USD for 08.05.2019

Technical Market Overview:

The EUR/USD pair has tested the 61% Fibonacci retracement at the level of 1.1215 and the rally upward was rejected at the level. The bears have managed to push the prices lower towards the nearest technical support, but this level never been hit and the price bounced from the level of 1.1173 (low at 1.1167). Since that time the price is trading in a horizontal range between the levels of 1.1167 - 1.1215 and the traders are waiting for a breakout in either direction.

Weekly Pivot Points:

WR3 - 1.1382

WR2 - 1.1317

WR1 - 1.1252

Weekly Pivot - 1.1192

WS1 - 1.1128

WS2 - 1.1061

WS3 - 1.0995

Trading Recommendations:

The down move continues, so the best day trading strategy is to short the local upwards corrections at the Fibonacci retracements (like 50% or 61%) or around the technical resistance levels. The target is seen at the wing lows around the level of 1.1112.

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