EUR/USD: technical analysis 11.02.2019
On 4-hour chart, EUR/USD is trading in a bear trend. The instrument is now testing the level of 1.1322 (Murray [3/8]). Breakdown of the level 1.1322 will let EUR/USD fall to the level of 1.1291 (Murray [2/8]), 1.1230 (Murray [0/8]). A significant decrease is possible after the breakout of the level 1.1230. In this case the pair may aim for the 1.1200-1.1170 support-zone. If the “bulls” manage to raise the rate above the level of 1.1352, the growths can continue to the area of 1.1383 (Murray [5/8]), 1.1413 (Murray [6/8]).
Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term.
Bollinger Bands are leaned downwards.
MACD is slowly growing in the negative zone.
Meanwhile, stochastic has left the oversold area and is pointed upwards, reflecting the high possibility of the upward movement formation.
Support and resistance
Support levels: 1.1322, 1.1291, 1.1261, 1.1230.
Resistance levels: 1.1352, 1.1383, 1.1413, 1.1444.
Short positions can be opened below the level of 1.1322 with the target at around 1.1291-1.1261 and stop-loss 1.1340.
Long positions can be opened above the level of 1.1352 with the target at around 1.1383-1.1413 and stop-loss 1.1330.