FX.co ★ EUR/USD technical analysis for 18/02/2019

EUR/USD technical analysis for 18/02/2019:

The bounce was not very impressive, the price still under the resistnace

Technical market overview:

The EUR/USD market has bounced from the level of 1.1234 after the pin Bar candle was made and went straight up to the key technical resistance zone located between the levels of 1.1321 - 1.1341. The last candlestick looks like a Doji, so this would be a first indication of the possibility of the uptrend change to the downtrend. The nearest technical support is seen at the level of 1.1300, but it might be easily broken by bears. The momentum is still close to the neutral level, which is again not a very good indication of the strength of the bullish side of the market.

Weekly Pivot Points:

WR3 - 1.1452

WR2 - 1.1395

WR1 - 1.1341

Weekly Pivot - 1.1286

WS1 - 1.1238

WS2 - 1.1177

WS3 - 1.1130

Trading recommendations:

All of the buy orders that were bought during last week in the buyback zone are now closed with profit at the level of 1.1321. If you still have any open by orders, you should close them as close as possible to the level of 1.1321 and try to open a short-term sell trade with a tight protective stop-loss order. Target is seen at the level of 1.1300 and 1.1268.