Technical analysis of EUR/USD for 05/04/2019

Technical market overview:

The EUR/USD pair has not been able to break through the technical resistance at the level of 1.1249 and moved down towards the nearest support at the level of 1.1210. The horizontal consolidation is now even tighter and the breakout from it will be severe for one side of the market. The momentum remains neutral and the market conditions are 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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