EUR/USD technical analysis for 07/03/2019

Technical market overview:

The EUR/USD pair has made another local low at the level of 1.1285 and even tried to test the technical resistance zone located between the levels of 1.1316 - 1.1324 from below, but failed and now is moving in a horizontal consolidation between the levels of 1.1285 - 1.1316. The long upper wick indicates the bearish pressure is still present and lower price levels should be expected soon. The next target is seen at the level of 1.1275 and 1.1258.

Weekly Pivot Points:

WR3 - 1.1499

WR2 - 1.1457

WR1 - 1.1406

Weekly Pivot - 1.1363

WS1 - 1.1314

WS2 - 1.1271

WS3 - 1.1224

Trading Recommendations:

Another good level to open the sell order is seen at 1.1316 or as close as possible to this level. If anyone still has an open sell order, then the target is the level of 1.1275 or 1.1258. All protective stop-loss orders should be placed just above the level of 1.1324.

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

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