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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 4 March 2019

2019-03-03 08:29 pm | Resource: Technical Analysis | No Views : 137

Time frame Used - four hours
The EUR/USD is moving in a sideway direction in the near term.
EUR/USD CHART
The EUR/USD is trading in narrow range between levels of  1.1340-1.1404 as the EUR/USD faces resistance and selling pressure around the resistance levels of 1.1404, which pushed it back to the 1.1360 level to touch the lower boundary of the Bollinger's index, forming a positive candlestick pattern.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to weakness and lower indicators below the overbought area.
 Therefore, we expect that the EUR/USD will break below level of  1.1340 downside to target level of  1.1270 again and this scenario fails in case of the EUR/USD stability above level of  1.1404.
 The alternative scenario is that the EUR/USD is breaching level of  1.1404 to upside to target levels of  1.1490 - 1.1513.
Big Picture
Looking at the EUR/USD movement on the daily time frame, the EUR/USD is testing the lower boundary from the up channel forming a negative candlestick pattern, and Both the RSI and Stochastic are indicating to confirm the bearishness trend but the EUR/USD is stilling consolidating above level of 1.1211.
EUR/USD DAILY CHART
Recommendation
Sell the EUR/USD around levels of 1.1370-1.1404 for targeting level of 1.1270 With the activation of stop loss in the case of closure at the highest level of 1.1404.
The fundamental overview
• In terms of economic data will be issued several data and reports for the euro area such as the release of Spanish unemployment change data at 3 am GMT, as well as the release of the index of investor confidence index at 4.30 am GMT, Euro on a monthly basis at 5 am GMT.
• On other hand The US construction spending report will be released on a monthly basis at 10 am GMT.
Resistance: 1.1402 - 1.1433 - 1.1489
Support: 1.1340 - 1.1320 - 1.1270
Direction: sideway
Technical Analysis
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