EUR/USD Technical analysis 27 December 2018
2018-12-26 11:25 pm | Resource: Technical Analysis | No Views : 223
The EURUSD is moving in a sideway direction in the near term.
The conflict between bears and bulls remains on the EURUSD pair Where the pressure to control the movement of the euro EUR/USD to retreat again around the levels of 1.1370 - 1.1350 as we mentioned in the previous report.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the lack of signals.
Therefore, we expect that the EURUSD will fall back to levels of 1.1300 - 1.1269 again and this scenario fails in case of stabilize above level of 1.1350.
The alternative scenario is that the EURUSD retested level of 1.1401 - 1.1484.
Our view is currently neutral for the EURUSD pair.
The fundamental overview
• On the economic data level, the Euro Zone Economic Bulletin will be published at 4 am GMT, revealing statistical data evaluated by the ECB's Board of Directors at the latest interest rate decision, and provides a detailed analysis of current and future economic conditions from the point of view the bank.
• On the other hand, the US Consumer Confidence report will be released at 10 am GMT, as consumer confidence has a strong impact on financial markets, both equity and bond markets, with consumer spending accounting for two-thirds of economic activity. If the consumer is not confident in economic activity, he will not buy the goods. Confidence therefore affects consumer spending, which naturally affects economic growth. For equity markets, strong economic growth is reflected in improved corporate earnings and higher equity prices. As for the bond market, it is focused on economic growth and whether it is going well for inflation. There is often a limit to the economy's growth, growth and hyperinflation. as a result of the importance of the consumer to the economy, markets are always keen to know the trends of the consumer in the near future. The more consumer confidence in the economy, the greater its spending. The rise in the reading is positive for the dollar, while its decline is negative for the dollar.
Resistance: 1.1400 - 1.1484 - 1.1500
Support: 1.1350 - 1.1300 - 1.1296
The dollar rose and the euro weakened as the pound traded mixed in European trade as traders awaited the new Brexit and trade war after US Commerce Secretary Wilbur Ross said on Monday that a "correct" trade deal with China was more important than signing in November. Ross: China's deal should be right, not quick The comments come after President Donald Trump said the "first phase" deal should be "easy…
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