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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 5 March 2019

2019-03-05 05:45 am | Resource: Technical Analysis | No Views : 159

Time frame Used - four hours
The EUR/USD is moving in a sideway direction in the near term.
EUR/USD CHART
The sell-off was able to break the support level of 1.1340 as we mentioned in the previous report as the bears managed to push the EUR/USD to hit the 1.1308 level.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area.
  Therefore, we expect that the EUR/USD will target level of  1.1270 once again and this scenario fails in case of stability above level 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
• On the economic data level, several Eurozone data and reports such as Retail Sales for the Euro Zone will be released on a monthly basis at 5 am GMT, and the German PMI and German PMI will be released at 3.50 GMT.
• On the other hand, the traders were following the Federal Reserve member Rosengren at 7:30 pm, as well as the US federal budget data at 2 pm GMT.
Resistance: 1.1340 - 1.1370 - 1.1404
Support: 1.1320 - 1.1270 - 1.1215
Direction: sideway
Technical Analysis
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