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EUR/USD Technical analysis 31 December 2018

2018-12-30 10:08 pm | Resource: Technical Analysis | No Views : 244

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The purchasing power managed to control the movement of the EURUSD to bounce back again to reach to level of 1.1480, Where the EURUSD faces resistance and selling pressure around the resistance levels 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.
  Accordingly, we expect that the EURUSD will retreat to levels of 1.1401-1.1350.
  The alternative scenario is that the EURUSD breach level of 1.1500 to the upside targeting the 1.1550 level.
Recommendation
Our view is currently neutral for the EURUSD pair.
The fundamental overview
• On the economic data level there is no evidence or reports with a strong impact on the euro zone or the US dollar.
Resistance: 1.1484 - 1.1500 - 1.1550
Support: 1.1401 - 1.1350 - 1.1300
Direction: sideway
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