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EUR/USD Technical analysis 10 January 2019

2019-01-10 12:01 am | Resource: Technical Analysis | No Views : 271

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 pair to break the bulls the important resistance level around the level of 1.1500 to upside and achieve the first target around the 1.1550 levels, as bulls managed to push the EUR/USD movement higher at the end of the evening trade
In view of the technical indicators
Note that the EURUSD is moving between the moving average line 20 and the upper boundary of the Bollinger index.
Both the RSI and the Stochastic are indicating to the arrival of indicators into the overbought area.
 Therefore, we expect that the EURUSD will retreat to levels of  1.1500 - 1.1480 again, which we consider to be good areas for either opening new positions or adding positions, and then resuming to the 1.1612 level.
 The alternative scenario is that the EURUSD continue in rally to achieve the second bullish target around  the 1.1612 levels.
Recommendation
Buy EURUSD around 1.1480 - 1.1444, (buying dips) With the activation of stop loss in case of closure below the level of 1.1444.
The fundamental overview
• On the economic data, the results of the ECB's monetary policy meeting will be released at 7:30 am GMT and the French industrial production report will be released on a monthly basis at 2.45 am GMT.
• On the other hand, US Treasury Secretary Paul Powell's speech will be issued at 7:30 am GMT.
Resistance: 1.1550 - 1.1612 - 1.1550
Support: 1.1410 - 1.1350 - 1.1300
Direction: Up
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