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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 25 March 2019

2019-03-25 08:09 am | Resource: Technical Analysis | No Views : 162

Time frame Used - four hours
The EURUSD is moving in a bearish direction in the near term.
EUR/USD CHART
The sell-off managed to push the EUR/USD back to the 1.1292 support level  as the EUR/USD faced resistance and selling pressure around the 1.1410-1.1448 resistance level and pushed it back down again 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 levels of  1.1351-1.1362 again and this scenario fails in case of instability above the 1.1292 level.
 The alternative scenario is that the EUR/USD pair retreated to levels of  1.1213 - 1.1174.
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 forming a positive candlestick.
EUR/USD DAILY CHART
Recommendation
Our view is currently neutral about the EUR/USD pair.
The fundamental overview
• On the economic data level, the IFO German business climate data will be released at 4 am GMT and the Belgian NBB Business Climate Index will be released at 9 am GMT.
• On the other hand, there are no reports or data with a strong and effective impact on the US dollar.
Resistance: 1.1334 - 1.1351 - 1.1362
Support: 1.1292 - 1.1213 - 1.1174
Direction: Down
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