Technical analysis for EUR/USD for March 20, 2019

EUR/USD has reached our target area but there is still no sign of a reversal. Our medium-term view remains bearish as long as price is below 1.14, but bulls could still hope for a longer-term reversal as long as price holds above 1.13.

analytics5c91eebacb393.png

Blue line - bearish divergence

Red line -major resistance trend line

Green line - support trend line

Orange rectangle -short-term support

Red rectangle - resistance area

EUR/USD is trading above 1.1330 inside our target area, but still below the important long-term resistance trend line. As long as price is below this trend line I will remain bearish. The bearish RSI divergence supports my bearish view for a pullback at least towards 1.13 over the coming days. Breaking below 1.1290-1.13 support will open the way for a move towards 1.12 and lower. I prefer to be bearish at the current levels with stops above 1.14.

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

Comments