Technical analysis of EUR/USD for 16.05.2019

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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, so after the failed rally attempt, the EUR/USD market moved down towards the technical support at the middle of the range at 1.1173. The price bounced a little but overall the market remains directionless at it awaits a breakout in either direction.

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.

Technical analysis of EUR/USD for 16.05.2019