Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 14 March 2019
2019-03-14 05:08 am | Resource: Technical Analysis | No Views : 125
The EURUSD is moving in a sideway direction in the near term.
The purchasing power managed to control the EUR/USD movement to reach the resistance level of 1.1320 as the EUR/USD is facing resistance and selling pressure around this level.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating the arrival of the indicators into the overbought area.
Therefore, we expect that the EUR/USD will retreat to levels of 1.1270 - 1.1220 again and this scenario fails in case of stability above level of 1.1320.
The alternative scenario is that the EUR/USD is breaching level of 1.1320 to test the levels of 1.1350 - 1.1365.
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.
Sell The EUR/USD around the 1.1320 level for targeting levels of 1.1270 - 1.1220 With the activation of stop loss in the case of the closure of the highest level of 1.1320.
The fundamental overview
• On the economic data level, Germany's final consumer price data will be released on a monthly basis at 2 am GMT, as well as the French consumer price final reading on a monthly basis at 2.45 am GMT.
• On the other hand, unemployment and US import data will be released at 7:30 am GMT, as well as new US home sales data at 9 am GMT.
Resistance: 1.1320 - 1.1350 - 1.1365
Support: 1.1270 - 1.1240 - 1.1220
The pound weakened against major currencies in the European session on Monday, amid renewed uncertainty over Brexit, with officials from the UK and the European Union saying at the weekend that more work was needed to secure the Brexit agreement. After intense talks in Brussels, the EU's chief negotiator, Michel Barnier, said there was still a "big gap" on tariff arrangements. The pound traded in a negative territory against…
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