For Traders

Analytical Reviews

Technical analysis

10.04.201908:26 Forex Analysis & Reviews: Technical analysis of EUR/USD for 10/04/2019

Long-term review

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 EUR/USD pair has moved a little bit higher during the corrective cycle and the upper boundary of the corrective channel was almost hit. The local high was made at the level of 1.1284 before the pull-back towards the level of 1.1254 occurred. The momentum remains positive and strong, so another leg up is possible despite the overbought market conditions. The next target for bulls is seen at the level of 1.1331 if the level of 1.1284 is clearly violated in an impulsive fashion.

Weekly Pivot Points:

WR3 - 1.1316

WR2 - 1.1286

WR1 - 1.1248

Weekly Pivot - 1.1215

WS1 - 1.1175

WS2 - 1.1141

WS3 - 1.1100

Trading recommendations:

The trend remains bearish, so the level of 1.1284 might be a good place to re-enter the sell orders with a tight protective stop loss. If this level is violated clearly, short-term buy orders can be opened with a target at the level of 1.1331.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.