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27.05.201907:19 Forex Analysis & Reviews: Technical analysis of EUR/USD for 27.05.2019

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Technical Market Overview:

Despite the new local low at the level of 1.1108, the EUR/USD pair managed to bounce significantly and the huge Pin Bar candle has been made. This move up has broken above the technical resistance at the level of 1.1167 - 1.1176 and moved higher towards the dynamic trendline resistance. The trendline is now being tested around the level of 1.1210 and so fat the Gravestone Doji candlestick pattern has been made under the trendline, which means the move up might be terminated. If not, then the next target for bulls is seen at the level of 1.2020-1.2027.

Weekly Pivot Points:

WR3 - 1.1355

WR2 - 1.2080

WR1 - 1.1254

Weekly Pivot - 1.1180

WS1 - 1.1146

WS2 - 1.1076

WS3 - 1.1043

Trading Recommendations:

The best strategy for the current market conditions is to sell the up move near the technical resistance around the level of 1.2020. The larger timeframe trend is still down, so the trade at the short term timeframe will be in line with the down trend.

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