EUR/USD technical analysis for 04/03/2019:
Are you ready for the sell-off?
Technical market overview:
The EUR/USD pair is having big trouble to break through the technical resistance at the level of 1.1403 and through the 61% Fibo retracement at 1.1407, so the bears are pushing event more in order to get to the lower price levels. The price action indicates, that another Pin Bar candle was made after the bulls failed to rally higher and now lower prices are expected. The first target is seen at the level of 1.1324, the second target is seen at the level of 1.1316. The momentum remains neutral, so it might take a while for bears to push the market lower and increase the downward momentum. Please notice the orange trend line is violated and tested from the bottom as well, so this is another indication of the lower prices to come soon.
Weekly Pivot Points:
WR3 – 1.1499
WR2 – 1.1457
WR1 – 1.1406
Weekly Pivot – 1.1363
WS1 – 1.1314
WS2 – 1.1271
WS3 – 1.1224
All sell orders from the last week should be still kept open with a target set at the level of 1.1324 and 1.1316. The main trend is still down, so this recent move up was so far only a correction in a downtrend and a failure to break through the 61% Fibo confirms this assumption.
The material has been provided by InstaForex Company – www.instaforex.com