EUR/USD technical analysis for 01/03/2019

Technical market overview:

The EUR/USD pair has hit the 61% Fibo at the level of 1.1407 finally and even made a local high at the level of 1.1419. nevertheless, the price has reversed quickly and in the result, the Shooting Star candlestick pattern was made. This kind of pattern is a very strong indication of a possible trend change. The trend line (marked in orange) has been violated already, so now the bears will have to push the prices below the technical support at the level of 1.1362 in order to confirm the top is in and the road towards the kay technical support zone between the levels of 1.1316 - 1.1324 is now open.

Weekly Pivot Points:

WR3 - 1.1473

WR2 - 1.1420

WR1 - 1.1380

Weekly Pivot - 1.1328

WS1 - 1.1280

WS2 - 1.1226

WS3 - 1.1185

Trading recommendations:

The sell orders from 61% Fibo at 1.1407 should be still kept open. Another level to open the sell order is seen at the level of 1.1360 (sell stop). The targets for both orders would be the other side of the range at the level of 1.1316.

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

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