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EUR/USD Technical analysis 21 December 2018

2018-12-20 11:04 pm | Resource: Technical Analysis | No Views : 233

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHATR
The EURUSD rebounded in a corrective move to breach the main downtrend line to the 1.1484 level as the EURUSD faces resistance and selling pressure around level of 1.1484.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
  Therefore, we expect that the EURUSD will retreat to levels of 1.1401 - 1.1370 again and this scenario would fail if the EUR/USD breached the 1.1500 level.
  The alternative scenario is that the EURUSD breached the 1.1500 level to test levels of 1.1550 - 1.1612.
Recommendation
sell around the 1.1484 level for targeting levels of 1.401 - 1.1370 with the activation of stop loss in the case of the closure of the highest level of 1.1500.
The fundamental overview
• On the economic data level, the German GFK consumer climate report will be released at 2 am GMT, which measuring the level of consumer confidence in economic activity. The Consumer Climate Index is based on a survey of approximately 2,000 people aged 14 years and over. The survey focuses on the outlook for income, buying and savings. Financial confidence is a leading indicator of consumer spending, which accounts for the majority of economic activity in general, and a French consumer spending report on a monthly basis at 2.45 am GMT.
• on other hand , US Core Durable Goods will be released on a monthly basis at 8:30 am GMT, which measuring the change in the total value of new orders on durable goods by manufacturers excluding transportation on a monthly basis. Data at their core value gives a better picture of the directions of the requests. Higher reading means increased manufacturing activity. The index also measures the cost of durable goods orders received by manufacturers, excluding transportation goods. Durable goods are a major investment in the US economy, as well as a final reading of US gross domestic product (GDP) on a quarterly basis at 8:30 am GMT, as well as US core personal spending on a monthly basis.
Resistance: 1.1500 - 1.1550 - 1.1612
Support: 1.1401 - 1.1370 - 1.1342
Direction: sideway
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