EUR/USD technical analysis for 25/02/2019:
Horizontal moves are still present on this market
Technical market overview:
The EUR/USD pair get stuck in a horizontal area located between the levels of 1.1316 – 1.1371 after a three wave bounce from the swing low at the level of 1.1234. The momentum remains neutral and as long as one of the important levels is not clearly violated, the consolidation will continue. The larger time-frame trend remains bearish ant this bounce is still considered as a local upward correction. Violation of the level of 1.3000 will accelerate the sell-off as the downtrend will be continued again.
Weekly Pivot Points:
WR3 – 1.1473
WR2 – 1.1420
WR1 – 1.1380
Weekly Pivot – 1.1328
WS1 – 1.1280
WS2 – 1.1226
WS3 – 1.1185
There is no good trading setup present on the EUR/USD market right now, so it is better to wait and see how the price will react when one of the levels (support or resistance) is violated. The daytraders should try to place the sell orders as close as possible to the level of 1.1366 with a tight protective stop loss. The target would be the other side of the range at the level of 1.1316.
The material has been provided by InstaForex Company – www.instaforex.com