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
The EURUSD is moving in a bearish direction in the near term.
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.
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.
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
The pound came under pressure against its main rivals at the European session on Wednesday, as concerns over Britain's exit from the European Union intensified after UK lawmakers rejected Prime Minister Boris Johnson's proposed timetable for pushing the deal ahead of the October 31 deadline. Faradkar: Brexit will last for a long time Irish Prime Minister Leo Faradkar predicted on Wednesday that Britain's pullout from the European Union "will last…
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