EUR/USD Technical analysis 19 December 2018
2018-12-18 10:29 pm | Resource: Technical Analysis | No Views : 190
The EURUSD is moving in a sideway direction in the near term.
The EURUSD rebounded in a corrective move to reach the resistance level of 1.1401 as the EUR/USD pair is facing resistance and selling pressure around the main downtrend line which trading below it 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.
Our view is currently neutral about EURUSD pair.
The fundamental overview
On the economic front, German PPI will be released on a monthly basis at 2 am GMT, which measuring the change in prices of goods sold by manufacturers on a monthly basis.
On the other hand, traders are waiting for various events, reports and data regarding the US Dollar, as the Federal Reserve Rate Statement will be released, as well as the Federal Reserve Economic Outlook at 2 pm GMT.
Resistance: 1.1358 - 1.1377 - 1.1401
Support: 1.1300 - 1.1269 - 1.1215
The pound strengthened against its major counterparts in the European session on Friday, as fears over Brexit eased after a media report showed progress in the controversial Irish support clause. According to a poll, Britain is likely to leave the EU without an agreement regulating the process and future relationship, as 43.5% of senior financial officials polled by CNBC believe. The Democratic Party has agreed to soften its stance…
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