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

Technical market overview:

The EUR/USD pair has been trading below technical resistance at the level of 1.1249 for some time now and the bounce looks weak and slow so far. In order to make it more dynamic, the bulls would have to break through the resistance level and go towards the next technical resistance seen at 1.1284. The momentum remains neutral and the market conditions are starting to become overbought, which increases the probability of a down move continuation.

Weekly Pivot Points:

WR3 - 1.1404

WR2 - 1.1365

WR1 - 1.1280

Weekly Pivot - 1.1244

WS1 - 1.1156

WS2 - 1.1125

WS3 - 1.1041

Trading recommendations:

The short-term trend remains bearish ant the target is still seen at the level of 1.1176, so the sell orders should be kept open until the target is hit. Another good short-term level to enter the sell position is seen at 1.1249

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

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