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EUR/USD Technical analysis 12 December 2018

2018-12-12 12:10 am | Resource: Technical Analysis | No Views : 212

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
The EURUSD failed to stability above the resistance level of 1.382- 1.1420 after attempting to break above it , as The purchasing power pushed EURUSD higher to try to breach the resistance level 1.1382 to reach the 1.1442 level as the EURUSD faced resistance and strong selling pressure which pushed it back downwards again.
In view of the technical indicators
Both the RSI and the Stochastic are pointing to the arrival of indicators to the oversold area.
Accordingly, we expect that the EURUSD will break below the 1.1300 levels and fall to levels of 1.1266 - 1.1215 and this scenario would fail if the EURUSD breached the level. 1.1382 above.
  The alternative scenario is that the EURUSD re-test level of 1.1382 again.

Our view is currently neutral about EURUSD pair.
The fundamental overview
• On the economic data, the Euro zone industrial production report will be released at 5 am GMT.
• On the other hand, the US consumer price report will be released on a monthly basis and on an annual basis at 8.30 am GMT, which measures the change in prices of goods and services provided to consumers on a monthly basis. It also measures the monthly change in consumer prices, which indicates inflation. Inflation means higher prices for goods and services in general. The relationship between inflation and interest rates is an important factor in understanding how this index affects markets and investments, which is the widest gauge of inflation. Its importance is that it refers to inflation rates that affect markets. Traders who understand the inflation relationship will benefit markets. With regard to monetary policy, the US Federal Reserve looks at inflation data at its core value, but the food and energy price component is excluded. The US Federal Reserve also favors the use of the consumer-spending index because it reflects what consumers are actually buying at any time. It is updated annually and the CPI is updated irregularly. However, the CPI components are used to collect personal consumption expenditure data. Therefore, there is a close correlation between the two indicators.
Resistance: 1.1382 - 1.1435 - 1.1464
Support: 1.1300 - 1.1269 - 1.1215
Direction: sideway
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