Technical analysis of EUR/USD for 06.05.2019

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Technical Market Overview:

The EUR/USD pair has made another wave down to the level of 1.1135, but no new low was made yet. Then the price bounced 50% up to the level of 1.1200 and so far was capped around this level. The down move continues and soon the bears might be testing the key technical support at the level of 1.1112, but in order to do this, the momentum indicator must get below its fifty levels as for now is hovering around it only ( neutral market conditions).

Weekly Pivot Points:

WR3 – 1.1382

WR2 – 1.1317

WR1 – 1.1252

Weekly Pivot – 1.1192

WS1 – 1.1128

WS2 – 1.1061

WS3 – 1.0995

Trading Recommendations:

The down move continues, so the best day trading strategy is to short the local upwards corrections at the Fibonacci retracements (like 50% or 61%) or around the technical resistance levels. The target is seen at the wing lows around the level of 1.1112.

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

Source:: Technical analysis of EUR/USD for 06.05.2019

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