Technical analysis of EUR/USD for 13/02/2019
Finally, the market makes a corrective bounce higher.
Technical market overview:
The EUR/USD pair has bounced from the level of 1.1258 after some sort of a Pin Bar candlestick pattern was made, which looked more like an indecision pattern than a reversal pattern. Nevertheless, the bulls have managed to push the prices towards the technical resistance zone and made a new local high at the level of 1.1341. The price is currently trading inside of the resistance zone and if the bulls will not push higher, the bears will take back the control over the market and push the prices back to the downtrend. Please notice that the momentum remains neutral on the way up, so the bounce is really corrective in nature and a reversal might happen any time now.
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
The short-term sell orders for daytraders did not hit the projected take profit level and the small loss was made, but earlier we made huge profits on the longer-term sell orders anyway. Currently, it is better to trade with the dominant trend and again only the sell orders should be opened with a protective stop loss above the level of 1.1342. Potential targets are swing lows around 1.1289.
The material has been provided by InstaForex Company - www.instaforex.com