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EUR/USD Technical analysis 13 December 2018

2018-12-13 12:32 am | Resource: Technical Analysis | No Views : 152

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The EURUSD is still trading above level of 1.1300, but is still facing resistance and selling pressure around the 1.1382 level, where uncertainty remains over the euro zone.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the weakness of the indicators as well as the inability of prices to reach the upper boundary of the Bollinger Index.
 Therefore, we expect that the EURUSD will retreat to the 1.1300 level, which by breaking it down the EURUSD will target the levels of 1.1266 - 1.1215, and this scenario would fail if the EURUSD breached level of 1.1382 to upside.
 The alternative scenario is that the EURUSD re-test level of 1.1382 again.
Recommendation
Our view is currently neutral about EURUSD pair.
The fundamental overview
• On the economic data level, the key refinancing report for the Eurozone will be released at 7.45 am GMT, as the ECB Board of Governors takes a decision on interest on major refinancing operations. These operations represent the volume of liquidity in the banking system.
• On the other hand, there are no reports with a strong impact on the US dollar.
Resistance: 1.1382 - 1.1435 - 1.1464
Support: 1.1300 - 1.1269 - 1.1215
Direction: sideway
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