Technical Analysis of EUR/USD for 15/03/2019

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Technical Market Overview:

The EUR/USD pair is testing the 61% Fibonacci retracement located at the level of 1.1326 and even a local high was made at the level of 1.1338. The Harami candlestick pattern appeared at the top of the wave up, so the bears might be preparing to push the prices lower. Nevertheless, the market is still trading above the orange trendline, so the bulls are temporary in control over the market, so the bears must wait for the trendline to be broken in order to push the price lower towards the level of 1.1285 – 1.1275.

Weekly Pivot Points:

WR3 – 1.1534

WR2 – 1.1453

WR1 – 1.1330

Weekly Pivot – 1.1249

WS1 – 1.1129

WS2 – 1.1042

WS3 – 1.0913

Trading Recommendations:

The sell orders should be opened only is the price will break through the orange trend line. Please keep your protective stop-loss orders tight. The first target is seen at the level of 1.1176.

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

Source:: Technical Analysis of EUR/USD for 15/03/2019

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