EUR/USD Technical analysis 17 December 2018
2018-12-16 09:51 pm | Resource: Technical Analysis | No Views : 138
The EURUSD is moving in a bearish direction in the near term.
The bears were able to push the EURUSD to break the support level of 1.1300 down to the support the level of as it tried to stabilize above it as it closed last week's trading as the EURUSD tries to breach the 1.1300 level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area.
Therefore, we expect that the EURUSD will decline to levels of 1.1215 – 1.1180 and this scenario fails in case of the EUR/USD consolidated above level of 1.1269.
The alternative scenario is that the EURUSD retest levels of 1.1358 - 1.1382 again.
Our view is currently neutral about EURUSD pair.
The fundamental overview
• On the economic data level, the final Euro Zone consumer price reading will be released at 5 am GMT, measuring the change in the prices of goods and services purchased by consumers on an annualized basis.
• On the other hand, there are no reports with a strong impact on the US dollar.
Resistance: 1.1300 - 1.1358 - 1.1382
Support: 1.1269 - 1.1215 - 1.1119
The pound added to losses on Wednesday after outgoing European Commission President Jean-Claude Juncker warned there was a "real" risk of Britain leaving the EU to a deal where there is little time for talks. Meanwhile, data from the British Office for National Statistics (ONS) showed that UK producer prices rose 1.6% in August and inflation fell to 1.7% last month. UK inflation fell to 1.7% in August Annual price…
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