14.02.201908:55 Forex Analysis & Reviews: Technical analysis of EUR/USD for 14/02/2019

Technical analysis of EUR/USD for 14/02/2019

The correction was a short-lived bounce and new low was made already

Technical market overview:

The EUR/USD pair has bounced from the support at the level of 1.1258 and then tested the local technical resistnace at the level of 1.1341. Then the market reversed quickly as the bounce was very short-lived and the bears have managed to break throught he support at the level of 1.1258 and made a new low on their way down at the level of 1.1249. After the new low was made, the price bounced again due to the Pin Bar candlestick pattern with a long down wick, but the bounce is still shallow and so far it was capped around the local resistnace at the level of 1.1284. Due to the weak and negative momentum the outlook remains bearish.

Weekly Pivot Points:

WR3 - 1.1528

WR2 - 1.1495

WR1 - 1.1390

Weekly Pivot - 1.1351

WS1 - 1.1247

WS2 - 1.1212

WS3 - 1.1101

Trading recommendations:

All sell orders from yesterday has hit the take profit level, so congrats to all traders swho opened them and ride the trend until the end. Currently, still only the sell orders should be opened and the first level to open them is seen at 1.1284 with a target located at the level of 1.1239.