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18.04.201918:26 Forex Analysis & Reviews: April 18, 2019 : EUR/USD Short-term outlook has turned into bearish.

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.

Exchange Rates 18.04.2019 analysis

On January 10th, the market initiated the depicted bearish channel around 1.1570.

Since then, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.

On March 7th, recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated.

Bullish persistence above 1.1270 enhanced further bullish advancement towards 1.1290-1.1315 (the Highlighted-Zone) which failed to provide adequate bearish pressure.

On March 18, a significant bullish attempt was executed above 1.1380 (the upper limit of the Highlighted-channel) demonstrating a false/temporary bullish breakout.

On March 22, significant bearish pressure was demonstrated towards 1.1280 then 1.1220.

Two weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.

As expected, this enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where recent bearish rejection was being demonstrated.

Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) followed by further bearish decline towards 1.1235 (78.6% Fibonacci).

For Intraday traders, the current price zone around 1.1235 (78.6% Fibonacci) stands as a prominent demand area to be watched for a possible short-termBUY entry.

However, conservative traders should be waiting for a bullish pullback towards 1.1280-1.1290 (backside of the broken bullish channel) for a valid SELL entry.

Moreover, a bearish breakdown below 1.1235 is mandatory to allow further bearish decline towards 1.1180-1.1170.

Trade recommendations :

A valid SELL entry can be taken around the price zone of 1.1280 - 1.1290 when a bullish pullback occurs.

TP levels to be located around 1.1250, 1.1235 and 1.1170. SL should be placed above 1.1320.

Mohamed Samy
Analytical expert of InstaForex
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