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EUR/USD Technical analysis 4 January 2019

2019-01-04 01:25 am | Resource: Technical analysis | No Views : 234

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
The EURUSD is still facing resistance and selling pressure around levels of 1.1480 - 1.1500 as the EURUSD continues to suffer from selling pressure so the bears can push EURUSD below level of  1.1420 again to reach the 1.1300 level again but could bounce back Above the main downtrend line that trades above it, to hit the EURUSD the 1.1410 level but it still facing resistance around this level.
In view of the technical indicators
Note that the EURUSD has not been able to cross moving average 20 line for Bollinger band  .
Both the RSI and the Stochastic are indicating to the recovery of indicators.
 Therefore, we expect that the EURUSD will breach the 1.1410 level, Which by breaking it above will target the levels of 1.1480-1.1500.
 The alternative scenario is the EURUSD break below 1.1300 with the EURUSD dropping to 1.1264-1.1200.
Our view is currently neutral for the EURUSD pair.
The fundamental overview
• On the economic data, a number of Euro zone reports will be released, including the preliminary reading of consumer prices on an annual basis at 3.50 am GMT, which measures the change in the prices of goods consumed by individuals. Consumer prices are an understandable way to determine the change in purchasing trends and inflation in the euro zone, as well as the release of the Core Consumer Price Index (CPI) on an annual basis at 4 am GMT, measuring the change in the prices of goods consumed by individuals. Consumer prices are an expressive way of determining the change in purchasing trends and inflation in the euro area, except for food, energy, food and tobacco prices.
• On the other hand, a number of important reports will be issued with a strong impact on the US dollar such as the release of the unemployment rate report at 8.15 am GMT, which measures the percentage of unemployed looking for jobs in the United States. In the case of rising unemployment, this indicates that the pace of growth of economic activity has slowed, so its decline is positive for the dollar, in addition to the publication of the monthly average wage report, in addition to the report of change in employment in the non-agricultural sector, Number of jobs in the business sectors excluding government jobs in general, private household jobs, and non-profit institutions that assist individuals and agricultural workers. The employment index is preceded by the consumer spending index, which shows the performance of the economic activity, as well as the publication of the average hourly wage report on an annual basis, along with the speech of the Federal Reserve Governor at 9.45 am GMT.
Resistance: 1.1484 - 1.1500 - 1.1550
Support: 1.1350 - 1.1300 - 1.1264
Direction: sideway
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