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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 18 March 2019

2019-03-17 10:06 pm | Resource: Technical Analysis | No Views : 141

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The purchasing power managed to push the EUR/USD to reach the resistance level of 1.1338 as the EUR/USD is facing resistance and selling pressure around this level, and it was unable till now to stability above the 1.1320 level, but it is still above the Bollinger's moving average line.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
  Accordingly, we expect that the EUR/USD will target levels of  1.1366 - 1.1410 again and this scenario fails in case of instability above the 1.1290 level.
  The alternative scenario is that the EUR/USD pair slide to levels of  1.1220 - 1.1174.
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, Accordingly, we expect that the EUR/USD will target at 1.1430.
EUR/USD DAILY CHART
Recommendation
Buy The EUR/USD around the 1.1290 level for targeting levels of 1.1366 - 1.1410 With the activation of stop loss in the case of the closure of below level of 1.1290.
The fundamental overview
• On the economic data level, the Euro zone trade balance data will be released at 5:00 GMT, as well as the Federal Reserve Bank's monthly report.
• On the other hand, the US housing market data will be released at 9 am GMT.
Resistance: 1.1338 - 1.1366 - 1.1410
Support: 1.1290 - 1.1220 - 1.1174
Direction: sideway
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