Technical analysis of EUR/USD for 19/03/2019

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Technical market overview:

The EUR/USD pair has hit the technical resistance at the level of 1.1353, but there is no sign of a reversal yet. The market conditions are now overbought and there is a bearish divergence forming in this time frame between the price and the momentum indicator. Please notice, that the recent move up from the level of 1.1176 is considered to be a corrective bounce in a downtrend, so the down move can resume any time now.

Weekly Pivot Points:

WR3 – 1.1502

WR2 – 1.1422

WR1 – 1.1372

Weekly Pivot – 1.1287

WS1 – 1.1251

WS2 – 1.1168

WS3 – 1.1131

Trading recommendations:

The bias is still to the downside and only sell orders should be opened. The entry level should be as close as possible to the level of 1.1353 with a tight protective stop loss and the first take profit level is seen at 1.1249.

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

Source:: Technical analysis of EUR/USD for 19/03/2019

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