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16.04.201907:57 Forex Analysis & Reviews: Technical analysis of EUR/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 EUR/USD pair has been consolidating the recent gains in a narrow zone between the levels of 1.1292 - 1.1323. The price is still trading inside of the channel and is now very close to the swing high seen at the level of 1.1331. The market conditions are now overbought and the market might start to move down again very soon. In order to move lower, the bears have to break below the technical support at the level of 1.1285 otherwise the bulls will move the price up again towars the level of 1.1331 or higher.

Weekly Pivot Points:

WR3 - 1.1459

WR2 - 1.1387

WR1 - 1.1347

Weekly Pivot - 1.1275

WS1 - 1.1236

WS2 - 1.1164

WS3 - 1.1121

Trading Recommendations:

The seel orders should be placed as close as possible to the level of 1.1320 with a protective stop loss at the level of 1.1332. The are chances that the market will return to the down move soon.

Exchange Rates 16.04.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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