14.05.201908:04 Forex Analysis & Reviews: Technical analysis of EUR/USD for 14/05/2019:

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Technical Market Overview:

The EUR/USD pair has moved higher towards the technical resistance located at the level of 1.1264, but failed to break through it. The move up is not impulsive, but it is still corrective in nature, so it is not the beginning of an uptrend, but the continuation of the previous cycle. Only a sustained and impulsive breakout through the technical resistance zone located between the levels of 1.1264 - 1.1273 would change the outlook from bearish to bullish. Currently, it is very likely the price will go back towards the lower range of the consolidation.

Weekly Pivot Points:

WR3 - 1.1359

WR2 - 1.1302

WR1 - 1.1271

Weekly Pivot - 1.1201

WS1 - 1.1184

WS2 - 1.1129

WS3 - 1.1099

Trading Recommendations:

The market is moving inside of the trading range between the levels of 1.1264 - 1.1173, so the best trading strategy for daytraders is to trade the oversold/overbought trading conditions using an oscillator like Stochastic until the breakout occurs. Please pay attention to the price action signs of reversal and candlestick patterns at the range support and range resistance to confirm the level for the trading position.

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