EUR/USD technical analysis for 26/02/2019

Technical market overview:

The EUR/USD pair keeps trading in a horizontal area located between the levels of 1.1316 - 1.1371 after a three wave bounce from the swing low at the level of 1.1234. The level os 1.1371 is so far too strong for the bulls to break through it, so plenty of candles with long upper shadows are now being made. This indicates, that the bears are active at this level and are trying to push the prices lower. Any violation of the lower boundary of the consolidation zone located at the level of 1.1316 will only make the down move faster.

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:

There is no good trading setup present on the EUR/USD market right now, so it is better to wait and see how the price will react when one of the levels (support or resistance) is violated. The daytraders should try to place the sell orders as close as possible to the level of 1.1371 with a tight protective stop loss. The target would be the other side of the range at the level of 1.1316.

analytics5c74dac544a9f.jpg

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

Comments