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18.04.201907:36 Forex Analysis & Reviews: Technical analysis of EUR/USD for 18/04/2019

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 made another rally towards the technical resistance at the level of 1.1323, but the bulls were too weak to break through the resistance. In the result, a possible Double Top formation was made at the level of 1.1323 and the candlestick formations that build this are Bearish Engulfing formations. It all looks like a very bearish situation as the market is very close to the technical support at the level of 1.1286. Please remember, the channel is a corrective structure and the current trend on this pair is still down. Any violation of the lower channel boundary will confirm the top is in.

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 sell orders should be placed as close as possible to the level of 1.1323 with a protective stop loss at the level of 1.1332. The are chances that the market will return to the down move soon. Any violation of the level of 1.1273 is the first indication of a downtrend resuming.

Exchange Rates 18.04.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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