Thread: Instaforex Analysis
Threaded View
-
29-04-20, 09:16 #11Veteran Member Just starting here
- Join Date
- Jun 2013
- Age
- 38
- Posts
- 4,044
- Rep Power
- 0
Technical Analysis of EUR/USD for 29/04/2020:
Technical Market Outlook:
The EUR/USD pair has hit the key short-term resistance located at the level of 1.0878. So far the bulls were able to make a new local high at the level of 1.0849 and they are under the bearish pressure again. The price was rejected from the level of 1.0878 and a Bearish Engulfing candlestick pattern was made at the end of the move. The momentum is still strong and positive, but the market conditions are overbought, so the odds for another dynamic wave up are decreasing. The nearest technical support is seen at the level of 1.0809.
Weekly Pivot Points:
WR3 - 1.1057
WR2 - 1.0976
WR1 - 1.0895
Weekly Pivot - 1.0809
WS1 - 1.0731
WS2 - 1.0641
WS3 - 1.0563
Trading Recommendations:
The fear of the coronavirus consequences is very strong among the global investors and it rules on the financial markets. ON the EUR/USD pair the main trend is down, but the reversal is possible when the coronavirus pandemic will be tamed. The key long-term technical support is seen at the level of 1.0336 and the key long-term technical resistance is seen at the level of 1.1540. Only if one of this levels is clearly violated, the main trend might reverse (1.1540) or accelerate (1.0336).
Analysis are provided byInstaForex.
Similar Threads
-
Forex News from InstaForex
By InstaForex Gertrude in forum Advertisement PlaceReplies: 2103Last Post: 16-02-24, 10:27 -
Forex Technical & Market Analysis FXCC
By alayoua in forum Advertisement PlaceReplies: 4Last Post: 07-07-16, 00:25 -
Weekly technical analysis for 3 - 7.12, 2012
By bellalca in forum Affiliate program networksReplies: 0Last Post: 04-12-12, 07:09
Bookmarks