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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 6 March 2019

2019-03-05 11:27 pm | Resource: Technical Analysis | No Views : 115

Time frame Used - four hours
The EURUSD is moving in a bearish direction in the near term.
The EUR/USD continued its losses after breaking level of  1.1340 downward as the bears managed to push the EUR/USD pair to hit the 1.1287 level.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area.
  Accordingly, we expect that the EUR/USD will target level of  1.1270 once again and this scenario fails in case of  stability above level of  1.1340.
  The alternative scenario is that the EUR/USD is breaching level of 1.1340 to the upside for targeting levels of  1.1370-1.1404.
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.
Our view on the EUR/USD is hold until appears buy signal.
The fundamental overview
• On the economic data level, there are no reports or data with strong or effective impact on the euro region.
• On the other side, the traders are following up speech's Williams the Federal Reserve member at 12.00 pm, as well as the release of the Non-Farm Employment Change (ADP) at 8.15 am GMT, along with the release of US Trade Balance data at 8.30 (GMT).
Resistance: 1.1340 - 1.1370 - 1.1404
Support: 1.1320 - 1.1270 - 1.1215
Direction: Down
Technical Analysis
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