Technical analysis of EUR/USD for 20.05.2019

Posted On 20 May 2019

Technical Market Overview:

The EUR/USD pair has broken below the technical support located between the levels of 1.1167 – 1.1173 and made a new local low at the level of 1.1153. Despite the oversold market conditions, the bears are pushing the price lower towards the next technical support located at the level of 1.1111. The short-term outlook remains bearish and there is no signs or any trend reversal for now.

Weekly Pivot Points:

WR3 – 1.1317

WR2- 1.1287

WR1 – 1.1208

Weekly Pivot – 1.1178

WS1 – 1.1099

WS2 – 1.1069

WS3 – 1.0986

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns.

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

Source:: Technical analysis of EUR/USD for 20.05.2019

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