Technical analysis of EUR/USD for 23.05.2019

Technical Market Overview:

The EUR/USD market keeps trying to break through the technical resistance zone located between the levels of 1.1167 - 1.1174, but no avail so far. There were some attempts to rally but were quickly capped by the bears. The short-term outlook remains bearish and there is no signs or any trend reversal for now. The market is biased to the downside despite extremely oversold conditions. The next target for bears is seen at the level of 1.1135 and 1.1111.

Weekly Pivot Points:

WR3 - 1.1317

WR2- 1.1287

WR1 - 1.1208

Weekly Pivot - 1.1178

WS1 - 1.1099

WS2 - 1.1069

WS3 - 1.0986

Trading Recommendations:

The best trading strategy in the current market conditions is to sell the local pull-backs with a tight protective stop loss. Due to the oversold market conditions please pay attention to the candlestick trend reversal patterns and market trend reversal patterns. The next important technical support is located at the level of 1.1111 and this is the next target for bears.