Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 13 March 2019
2019-03-13 05:05 am | Resource: Technical Analysis | No Views : 134
The EURUSD is moving in a sideway direction in the near term.
The EUR/USD continues to gain as purchasing power managed to control the movement of the EUR/USD pair to break through
the EUR/USD resistance level at 1.1270 trying to stability above this level.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to the recovery of the indicators.
Therefore, we expect that the EUR/USD will test 1.1320 - 1.1350 again and this scenario fails in the case of instability above level of 1.1270.
The alternative scenario is that the EUR/USD pair retreated to levels of 1.1240 - 1.1220 - 1.1174.
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, Accordingly, we expect that the EUR/USD will target at 1.1430.
Our view on the EUR/USD pair is hold.
The fundamental overview
• In terms of economic data will be issued several reports and data for the euro area such as the release of Italian unemployment rate data on a quarterly basis at 4 am GMT, in addition to the release of industrial production data on a monthly basis at 5 am GMT.
• on other hand Core Durable Goods Orders will be released on a monthly basis at 7.30 am GMT, as well as the release of Core Producer Price data on a monthly basis at 7:30 am GMT.
Resistance: 1.1270 - 1.1320 - 1.1350
Support: 1.1240 - 1.1220 - 1.1174
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