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Forex Analysis & Reviews: Technical analysis of EUR/USD for 19/03/2019
time 19.03.2019 09:08 AM
time Relevance up to, 01.01.1970 03:00 AM

Long-term review0

Technical market overview:

The EUR/USD pair has hit the technical resistance at the level of 1.1353, but there is no sign of a reversal yet. The market conditions are now overbought and there is a bearish divergence forming in this time frame between the price and the momentum indicator. Please notice, that the recent move up from the level of 1.1176 is considered to be a corrective bounce in a downtrend, so the down move can resume any time now.

Weekly Pivot Points:

WR3 - 1.1502

WR2 - 1.1422

WR1 - 1.1372

Weekly Pivot - 1.1287

WS1 - 1.1251

WS2 - 1.1168

WS3 - 1.1131

Trading recommendations:

The bias is still to the downside and only sell orders should be opened. The entry level should be as close as possible to the level of 1.1353 with a tight protective stop loss and the first take profit level is seen at 1.1249.

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