29.04.201921:51 Forex Analysis & Reviews: Short-term technical analysis of EURUSD for April 29, 2019

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EURUSD as expected from last week, we were warned by the short-term reversal signs, is approaching our short-term target of 1.12. Medium-term trend remains bearish as long as price is below 1.1350.

Blue line - major resistance trend line

Red rectangle - short-term support

EURUSD is moving higher making higher highs and higher lows. Price reversed short-term trend after touching our lower wedge boundary at 1.1115 as mentioned in previous posts. EURUSD is moving towards our first target area of 38% Fibonacci retracement of the latest decline. Major resistance is at 1.13-1.1350 area and as long as we remain below this level any bounce is considered selling opportunity.

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