Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 22 March 2019
2019-03-22 03:24 am | Resource: Technical Analysis | No Views : 152
The EURUSD is moving in a bullish direction in the near term.
The sell-off managed to push the EUR/USD back to the 1.1362 support level as the EUR/USD faced resistance and selling pressure around the 1.1410-1.1448 resistance levelS and once again dropped below as WE mentioned in the previous report. .
Level in view of technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore, we expect that the EUR/USD will test at 1.1410-1.1448 again and this scenario fails in case of instability above level of 1.1362.
The alternative scenario is that the EUR/USD pair retreated to the 1.1293 levels.
Looking at the EUR/USD movement over the daily time frame, the EUR/USD pair is able to touch the lower boundary of the up channel that is breached below as it faces resistance and selling pressure around this level.
Our view is currently neutral about the EUR/USD pair.
The fundamental overview
• On the economic data level, the French PMI will be released at 3.15am GMT and the German PMI will be released at 3.30am GMT, as well as the current account data for the region Euro at 4 am GMT, as well as the release of the Euro Zone PMI at 4 am GMT.
• On the other hand, the US Manufacturing & Service PMI will release preliminary data at 8.45 am GMT, as well as the final reading of US wholesale inventories on a monthly basis at 9 am GMT, At 1 pm GMT, In addition to the release of Federal budget data at 1 pm GMT.
Resistance: 1.1410 - 1.1448 - 1.1514
Support: 1.1360 - 1.1334 - 1.1296
The dollar rose and the euro weakened as the pound traded mixed in European trade as traders awaited the new Brexit and trade war after US Commerce Secretary Wilbur Ross said on Monday that a "correct" trade deal with China was more important than signing in November. Ross: China's deal should be right, not quick The comments come after President Donald Trump said the "first phase" deal should be "easy…
- Dollar stabilizes and pound,euro rise at end of weekly trading 11:03 am2019-10-18
- Dollar declined and the Pound gained after the Brexit deal 11:26 am2019-10-17
- Sterling falls on Wednesday amid pessimism in Brexit talks 11:42 am2019-10-16
- Euro fell as pound rose while dollar was mixed during Tuesday's 01:32 pm2019-10-15
- Sterling fell and euro rose amid renewed uncertainty about Brexit 11:29 am2019-10-14
- Sterling pound rose against major to its highest in two years 12:28 pm2019-10-11
- Euro rises against major after the release of the ECB minutes 01:15 pm2019-10-10
- British Pound Rises Despite the Contraction of British Economy 09:36 am2019-10-10
- Dollar weakened amid investor focus on trade talks and Brexit 12:04 pm2019-10-09