Technical analysis of EUR/USD for 12/04/2019

Technical market overview:

After the bounce from the lower channel boundary around the level of 1.1235, the EUR/USD pair has hit the technical resistance at the level of 1.1285 and even made a local high at the level of 1.1295. This means the corrective channel dynamic support and resistance is being respected by the market, so the next target for bulls is seen at the level of 1.1303 or even 1.1331.

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.


The material has been provided by InstaForex Company -

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