Technical Analysis of EUR/USD for 13/03/2019

Technical Analysis of EUR/USD for 13/03/2019

Technical Market Overview:

The EUR/USD pair has made another leg up and made local high at the level of 1.1304 which is just below the technical resistance zone located between the levels of 1.1316 – 1.1325. The move up has ended with a Shooting Star candlestick pattern, so the first indication of a possible trend change has been issued. Now the traders have to wait for the market to break through the trend line support and the bears will be in control of the market again. The longer-term trend remains down and the market should reverse and follow the main trend soon.

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 market is trading inside of the sell zone between the levels of 1.1275 – 1.1284, which will act as a technical resistance for the price. Please keep your protective stop-loss orders tight. The first target is seen at the level of 1.1176. 

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