EUR/USD Technical analysis 9 January 2019
2019-01-08 11:41 pm | Resource: Technical Analysis | No Views : 238
The EURUSD is moving in a sideway direction in the near term.
The EURUSD is still facing resistance and selling pressure around the resistance levels of 1.1480, which pushed it down but it still consolidation above level of 1.1410, where the EURUSD saw a decline during the morning trade which pushed it back down to level of 1.1417 , and we not that the Investors are waiting for any data Or stimulating economic reports for the Eurozone.
In view of the technical indicators
Note that the EURUSD is moving above moving average 20 line for the Bollinger band indicator but it failed to touch the upper boundary from the Bollinger indicator.
Both the RSI and the Stochastic are indicating to decline of the indicators to downside after hit the indicators for the overbought area.
Therefore, we expect that the EURUSD will violent the support level of 1.1410 down again, Which by breaking it below will target the levels of 1.1350 - 1.1300.
The alternative scenario is that the EURUSD breached level of 1.1500 to the upside for targeting the 1.1550 level.
Sell the EURUSD around the current levels for targeting around levels of 1.1350 – 1.1300 With the activation of stop loss in the case of the closure of the highest level of 1.1500.
The fundamental overview
• In terms of economic data will be issued several reports for the euro area such as the release of the German trade balance report at 2 am GMT, as well as the Italian Unemployment Rate report at 4 am GMT, as well as the report of the unemployment rate for the euro area in 5am GMT.
• On the other hand, a number of important data, reports and events will have a strong impact on the US dollar, which we expect to have a positive impact on the US Dollar and negatively on the European currency, such as US President Donald Trump's speech, 2 pm GMT.
Resistance: 1.1484 - 1.1500 - 1.1550
Support: 1.1410 - 1.1350 - 1.1300
The pound weakened against major currencies in the European session on Monday, amid renewed uncertainty over Brexit, with officials from the UK and the European Union saying at the weekend that more work was needed to secure the Brexit agreement. After intense talks in Brussels, the EU's chief negotiator, Michel Barnier, said there was still a "big gap" on tariff arrangements. The pound traded in a negative territory against…
- Sterling pound rose against major to its highest in two years 12:28 pm2019-10-11
- Euro rises against major after the release of the ECB minutes 01:15 pm2019-10-10
- British Pound Rises Despite the Contraction of British Economy 09:36 am2019-10-10
- Dollar weakened amid investor focus on trade talks and Brexit 12:04 pm2019-10-09
- British pound falls against major after reports of Brexit talks 10:57 am2019-10-08
- Pound weakened during the beginning of the weekly trading 01:13 pm2019-10-07
- Dollar mixed after US non-farm payrolls and US trade data 01:34 pm2019-10-04
- Pound jumps in conjunction with Johnson offer Brexit deal 01:41 pm2019-10-03
- Sterling fell after Johnson announced his high-level Brexit 01:17 pm2019-10-02