Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 7 March 2019
2019-03-07 07:44 am | Resource: Technical Analysis | No Views : 121
The EUR/USD 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 , trying to consolidating above this 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.
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
• In terms of economic data will be issued several reports and data for the euro region such as the release of Italian retail sales data on a monthly basis at 4 am GMT, in addition to the release of revised data on the GDP on a quarterly basis, Quarter-on-quarter employment rate at 5 am GMT ,as well as the release of interest on major refinancing at 7.45 am As well as the European Central Bank's monetary policy data at 7.45 am GMT, as well as the ECB press conference at 8.30 am GMT.
• On the other hand, US Unemployment Claims will be released at 8:30 am GMT, along with the release of the latest data by the Federal Reserve Board of Governors Fed Chairman Brainard at 12.15 pm GMT, as well as US consumer credit data released on a monthly basis at the same time 3 pm GMT , along with the release of the Challenger Employment Release Index on an annualized basis at 7.30 am GMT.
Resistance: 1.1340 - 1.1370 - 1.1404
Support: 1.1320 - 1.1270 - 1.1215
The pound came under pressure against its main rivals at the European session on Wednesday, as concerns over Britain's exit from the European Union intensified after UK lawmakers rejected Prime Minister Boris Johnson's proposed timetable for pushing the deal ahead of the October 31 deadline. Faradkar: Brexit will last for a long time Irish Prime Minister Leo Faradkar predicted on Wednesday that Britain's pullout from the European Union "will last…
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