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EUR/USD Technical analysis 17 December 2018

2018-12-16 09:51 pm | Resource: Technical Analysis | No Views : 138

Time frame Used - four hours
The EURUSD is moving in a bearish direction in the near term.
EUR/USD CHART
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.
Recommendation
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
Direction: Down
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