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EUR/USD Technical analysis 18 December 2018

2018-12-17 11:06 pm | Resource: Technical Analysis | No Views : 182

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The EURUSD rebounded in a corrective move to reach the resistance level of 1.1359 as the EUR/USD pair is facing resistance and selling pressure around this level, forming a negative candlestick pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the weakness of the indicators and confirming the bearishness.
  Therefore, we expect that the EURUSD will drop to levels of 1.1300 - 1.1269 - 1.1215 once again and this scenario fails in case of stabilize above level of 1.1300.
  The alternative scenario is that the EURUSD breached levels of 1.1377 to reach the levels of 1.1382 - 1.1401 - 1.1441.
Recommendation
Our view is currently neutral about EURUSD pair.
The fundamental overview
• In terms of economic data, there are no reports or data with a strong impact on the US economy or the euro area.
Resistance: 1.1358 - 1.1377 - 1.1401
Support: 1.1300 - 1.1269 - 1.1215
Direction: sideway
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