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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

Time frame Used - four hours
The EURUSD is moving in a bullish direction in the near term.
EUR/USD CHART
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.
Big Picture
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.
EUR/USD DAILY CHART
Recommendation
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
Direction: up
Technical Analysis
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