Technical analysis of EUR/USD for 05/07/2019

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Technical Overview:

The EUR/USD pair has been trading inside of a narrow range between the levels of 1.1268 – 1.1296 for the last 24 hours, but the 61% Fibonacci retracement still holds. The weak and negative momentum support the bearish short-term outlook, but the 61% Fibo might be a good level for a temporary pull-back higher. Nevertheless, due to the weak momentum, the short-term outlook still favors the downside, unless the 61% Fibonacci holds the line for longer. Please be aware of the NFP Payrolls figures are about to release, so the volatility might finally pick up.

Weekly Pivot Points:

WR3 – 1.1462

WR2 – 1.1438

WR1 – 1.1392

Weekly Pivot – 1.1368

WS1 – 1.1333

WS2 – 1.1302

WS1 – 1.1259

Trading Recommendations:

The best strategy for the current market conditions is to buy the corrections in anticipation of the uptrend to resume. This strategy is valid as long as the level of 1.1181 is clearly violated. The larget time frame trend is still down, but there are signs of the trend reversal and the Ending Diagonal breakout to the upside.

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

Source:: Technical analysis of EUR/USD for 05/07/2019:

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