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Technical analysis of EUR/USD for Sept 2, 2019
Technical Market Overview:
The EUR/USD pair has broken through the technical support located at the level of 1.1027 and made a fresh new low at the level of 1.0964. The momentum is now negative and weak and the market conditions are now oversold, so there is always a chance for a bounce towards the level of 1.1027 to test it from below. Nevertheless, if bears continue to make pressure on the market, the next target for them is seen at the level of 1.0908.
Weekly Pivot Points:
WR3 – 1.1285
WR2 – 1.1224
WR1 – 1.1084
Weekly Pivot Point – 1.1025
WS1 – 1.0886
WS2 – 1.0818
WS3 – 1.0681
Trading Recommendations:
The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0814 and the technical resistance at the level of 1.1250.
The material has been provided by InstaForex Company – www.instaforex.com
