Technical analysis for EUR/USD for March 18, 2019

Posted On 18 Mar 2019

EUR/USD continues to respect support at 1.1290-1.13 and that is why the pair is making higher highs. There are some bearish divergence signs by the RSI but short-term trend remains bullish as long as price is above 1.13 and we could see 1.1380-1.1390 next for a test of the major resistance at 1.14.

Blue line – bearish divergence

Red rectangle – next bounce target

Red line – major resistance trend line

Green line- support trend line

Orange rectangle – support and short-term trend change level

EUR/USD was consolidating for a couple of days above 1.13 and is now making higher highs. Support at 1.13 is very important for the short and medium-term. Holding above it will open the way for a test of the red major resistance trend line at 1.14. The red rectangle shows where our next target is as long as price holds above 1.13. Breaking support at 1.1290-1.13 will open the way for a move below 1.12.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for EUR/USD for March 18, 2019

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support