Technical analysis of EUR/USD for 24/04/2019

Technical Market Overview:

The EUR/USD pair has broken through the trendline as anticipated and made a new local low at the level of 1.1192. The candlestick formation at the low looks like a Pin Bar, which indicates a possible buying activity made by bulls in oversol market conditions. Nevertheless, the move up will be considered as a local pull-back only with a target seen at the level of 1.1226. The momentum remains weak and negative which supports the short-term bearish outlook. Next target for bears is seen at the level of 1.1176 (kay technical support).

Weekly Pivot Points:

WR3 - 1.1384

WR2 - 1.1352

WR1 - 1.1289

Weekly Pivot - 1.1254

WS1 - 1.1188

WS2 - 1.1157

WS3 - 1.1092

Trading recommendations:

Daytraders should open the sell orders as close as possible to the level of 1.1225 with a tight protective stop loss and set the take profit level at 1.1192 again. Please notice, that if the downtrend will resume, the main target is seen at the level of 1.1176.

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

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