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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 11 March 2019

2019-03-10 09:36 pm | Resource: Technical Analysis | No Views : 139

Time frame Used - four hours
The EURUSD is moving in a bearish direction in the near term.
EUR/USD CHART
The EUR/USD is trying to recover some of its losses during last week's session, trying to consolidation once again above level of 1.1211 as the bears managed to control the movement of the EUR against the US dollar to decline due to successive selling pressures to reach the level of 1.1172 where bulls pushed the EUR movement Against the US dollar to hit level of 1.1244 as the EUR/USD faces resistance and selling pressure around the 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 test levels of  1.1211-1.1172 again and this scenario fails in case of  stability above level of  1.1244.
 The alternative scenario is that the EUR/USD pair retest at 1.1270.
Big Picture
Looking at the EUR/USD movement on the daily time frame, the EUR/USD fell back to the important support level of 1.1211 and the break was a false break , and Both RSI and Stochastic are indicating to the arrival of indicators to the oversold area.
EUR/USD DAILY CHART
Recommendation
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 German industrial production data on a monthly basis at 2 am GMT, as well as German trade balance data at 2 am GMT.
• US retail sales data will be released on a monthly basis at 7.30 am GMT, as well as the release of US federal budget data at 1 pm GMT, along with Powell's speech at 7 pm GMT.
Resistance: 1.1244 - 1.1270 - 1.1322
Support: 1.1172 - 1.1140 - 1.1105
Direction: Down
Technical Analysis
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