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EUR/USD Technical analysis 8 January 2019

2019-01-08 05:11 am | Resource: Technical Analysis | No Views : 341

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The bears managed to control the EURUSD movement to break through the EURUSD resistance level of 1.1410 higher as we expected in the previous report to reach to the 1.1480 levels as it faced resistance and selling pressure around the resistance levels forming a negative candlestick pattern that pushed it downwards.
In view of the technical indicators
Note that the EURUSD touching the upper boundary of the Bollinger Index.
Both the RSI and the Stochastic are indicating to the arrival of indicators to the overbought area and the start of the decline below.
 Therefore, we expect that the EURUSD will fall back to the support level of 1.1410 again, which will be down below level of  1.1350 - 1.1340
 The alternative scenario is that the EURUSD breached level of 1.1500 to the upside targeting the 1.1550 level.
Recommendation
Sell the EURUSD around the current levels for targeting around level of  1.1410 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, there is no data or reports with a strong impact on the euro area or on the US dollar.
Resistance: 1.1484 - 1.1500 - 1.1550
Support: 1.1410 - 1.1350 - 1.1300
Direction: sideway
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