10.04.201918:44 Forex Analysis & Reviews: April 10, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

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.

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

The bearish channel's upper limit managed to push price towards 1.1290 then 1.1235 before the EUR/USD pair could come again to meet the channel's upper limit around 1.1420.

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

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.

By the end of last week, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.

This will probably enhance further bullish advancement towards 1.1300-1.1315 where a low-risk SELL entry can be offered.

For Intraday traders, the price zone around 1.1235 now stands as a significant demand-zone to be watched for BUY entries if any bearish pullback occurs.

Short-term outlook remains bullish towards 1.1300 - 1.1320unless bearish breakdown below 1.1250 is achieved on H4 chart.

Trade recommendations :

Conservative traders were suggested to have a valid BUY entry around 1.1235. This positions is already running in profits.

TP levels to be located around 1.1280, 1.1320. SL to be located below 1.1200.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.