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24.05.2019 07:08 AM
Technical analysis of EUR/USD for 24.05.2019

Technical Market Overview:

The EUR/USD market bounced significantly after the bulls were defending the technical support located between the levels of 1.1111 - 1.1118. The up candle has broken through the technical resistance located between the levels of 1.1167 - 1.1174 and currently the market is consolidating the recent gains. The stochastic oscillator is finally moving higher from the extremely oversold levels and so is the RSI, which is just above its fifty number. The next target for bulls is the short-term trend line resistance around the level of 1.1220.

Weekly Pivot Points:

WR3 - 1.1317

WR2- 1.1287

WR1 - 1.1208

Weekly Pivot - 1.1178

WS1 - 1.1099

WS2 - 1.1069

WS3 - 1.0986

Trading Recommendations:

All of the targets for bears have been hit including the last one at the level of 1.1111. Currently, the best trading strategy in the current market conditions is to buy the local pull-backs with a tight protective stop loss.

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