empty
 
 
29.04.2016 08:46 AM
Technical analysis of EUR/USD for April 29, 2016

This image is no longer relevant

Technical outlook and chart setups:

The EUR/USD pair is testing previous swing highs and remains shy by a few pips today. The pair rallied through 1.1396 levels before pulling back again towards 1.1382 levels. The pair is producing a pin bar candlestick pattern on the 4H chart view as seen here, indicating a potential reversal ahead. The bottom line remains that the price should stay below 1.1400 levels, for bears to take control back. A bearish reversal here should push the price lower towards 1.1200 and subsequently through 1.1140 levels. It is hence recommended to remain short for now, with risk above 1.1400 levels. Immediate resistance is seen at 1.1400, while support is seen through 1.1210 levels respectively.

Trading recommendations:

Remain short now, stop above 1.1400, target is open.

Good luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback