Technical analysis for EUR/USD for February 28, 2019

EUR/USD reached our second target and major resistance area. Price got rejected and has given an important bearish signal. Has the upward correction ended? Are we starting the next leg down targeting below 1.13? As long as we trade below 1.1425 I remain bearish.

analytics5c77fd38af759.png

Red line - major resistance trend line

Green line - support trend line

Blue line - short-term support trend line

Black line - RSI support trend line

Blue rectangle - second target area

EUR/USD has broken the blue upward sloping support trend line. EUR/USD has reached my target area and got rejected. The RSI is breaking below support trend line. All these bearish signs imply a pull back at least. Support is found at 1.1350 and at 1.13. Breaking below 1.13 will open the way for a move towards 1.11. I'm bearish as long as we trade below today's highs.

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

Comments