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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 26 March 2019

2019-03-26 09:34 am | Resource: Technical Analysis | No Views : 128

Time frame Used - four hours
The EURUSD is moving in a bearish direction in the near term.
EUR/USD fell to stability at 1.1293 where the EUR/USD faced resistance and selling pressure around the 1.1410-1.1448 resistance level and once again dropped below as we mentioned in the previous report, where it is currently facing resistance around 1.1334
Level in view of technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
 Therefore, we expect that the EUR/USD will test levels of  1.1350-1.1360 again and this scenario fails in case of  instability above the 1.1293 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, Where it faces resistance and selling pressure around this level accompanied by a negative candlesticks pattern.
Our view is currently neutral about the EUR/USD pair.
The fundamental overview
• On the economic data level, German GFK consumer climate data will be released at 2 am GMT.
• On the other hand, US Consumer Confidence data will be released at 9 am GMT, as well as Building Permits and Housing starts data at 7.30 am GMT, as well as  a member of the Federal Reserve Committee Member Evans Speaks will be also at 5.30 am GMT, As well as the release of the Richmond Manufacturing Index at 9 am GMT.
Resistance: 1.1334 - 1.1350 - 1.1360
Support: 1.1293 - 1.1213 - 1.1174
Direction: Down
Technical Analysis
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