Technical analysis of EUR/USD for 10/04/2019

Technical market overview:

The EUR/USD pair has moved a little bit higher during the corrective cycle and the upper boundary of the corrective channel was almost hit. The local high was made at the level of 1.1284 before the pull-back towards the level of 1.1254 occurred. The momentum remains positive and strong, so another leg up is possible despite the overbought market conditions. The next target for bulls is seen at the level of 1.1331 if the level of 1.1284 is clearly violated in an impulsive fashion.

Weekly Pivot Points:

WR3 - 1.1316

WR2 - 1.1286

WR1 - 1.1248

Weekly Pivot - 1.1215

WS1 - 1.1175

WS2 - 1.1141

WS3 - 1.1100

Trading recommendations:

The trend remains bearish, so the level of 1.1284 might be a good place to re-enter the sell orders with a tight protective stop loss. If this level is violated clearly, short-term buy orders can be opened with a target at the level of 1.1331.

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

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