Technical analysis of EUR/USD for 21/03/2019

Technical market overview:

We finally have an important movement at the EUR/USD market as the price has broken above the technical resistance zone located between the levels of 1.1405 - 1.1429 and made a new high at the level of 1.1447. Currently, the price is testing the zone from above and the up move might be continued as long as there is not price or candlestick reversal pattern. The next target is seen at the level of 1.1483 and 1.1500.

Weekly Pivot Points:

WR3 - 1.1502

WR2 - 1.1422

WR1 - 1.1372

Weekly Pivot - 1.1287

WS1 - 1.1251

WS2 - 1.1168

WS3 - 1.1131

Trading recommendations:

The recent news driven spike up has blurred the picture and the bearish bias has been invalidated as the price might be making another leg up in the bigger corrective move. As long as the level of 1.1361 is not clearly violated again, global investors should open long orders during the local pullbacks.

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

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