Technical analysis of EUR/USD for 11/09/2019

Technical Market Overview:

The EUR/USD pair keeps trading in a narrow horizontal range between the levels of 1.1017 - 11072. Bulls are still trying to continue the bounce and to make the market to rally, so they might try to push the prices higher towards the level of 1.1091 and even 1.1160. In order to regain control over the price, the bulls have to break through this level and go higher towards the next target located at the level of 1.1091 and then at 1.1167. For now, the bullish momentum is increasing as the RSI indicator jumps around the level of 50 in overbought market conditions. The larger timeframe trend remains down, but the Ending Diagonal price pattern on Weekly and Daily timeframe charts is still valid.

Weekly Pivot Points:

WR3 - 1.1261

WR2 - 1.1174

WR1 - 1.1105

Weekly Pivot - 1.1012

WS1 - 1.0944

WS2 - 1.0856

WS3 - 1.0789

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0814 and the technical resistance at the level of 1.1267.


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