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16.04.201907:24 Forex Analysis & Reviews: Technical analysis of ETH/USD for 16/04/2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Overview:

The ETH/USD pair has completed the corrective cycle in wave b at the level of $166 and reversed sharply to start the wave c to the downside as anticipated. The price has broken below the technical support at the levels of $159, $156 and $155 to make a bottom at the level of $152. The target is still seen at the level of $151, but we can see the positive divergence building between the price and the momentum indicator, so the market might be near to complete the corrective cycle.

Weekly Pivot Points:

WR3 - $201

WR2 - $192

WR1 - $173

Weekly Pivot - $164

WS1 - $148

WS2 - $138

WS3 - $120

Trading Recommendations:

The best trading strategy for this market for daytraders is to trade with the longer-timeframe trend, which is now an uptrend. The good level to place a buy order is just above the level of $152. This point of view is valid as long as the technical support at the level of $151 is broken.

Exchange Rates 16.04.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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