Technical analysis for EUR/USD for March 18, 2019

EUR/USD continues to respect support at 1.1290-1.13 and that is why the pair is making higher highs. There are some bearish divergence signs by the RSI but short-term trend remains bullish as long as price is above 1.13 and we could see 1.1380-1.1390 next for a test of the major resistance at 1.14.

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Blue line - bearish divergence

Red rectangle - next bounce target

Red line - major resistance trend line

Green line- support trend line

Orange rectangle - support and short-term trend change level

EUR/USD was consolidating for a couple of days above 1.13 and is now making higher highs. Support at 1.13 is very important for the short and medium-term. Holding above it will open the way for a test of the red major resistance trend line at 1.14. The red rectangle shows where our next target is as long as price holds above 1.13. Breaking support at 1.1290-1.13 will open the way for a move below 1.12.

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

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