Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 27 March 2019
2019-03-26 11:17 pm | Resource: Technical Analysis | No Views : 148
Time frame Used - four hours
The EUR-USD is moving in a bearish direction in the near term.
The EUR/USD was unable to hold steady above level of 1.1293 as the EUR/USD faced resistance and selling pressure around the resistance level of 1.1334 and fell again as the EUR/USD faced resistance the Bollinger's moving average line.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area.
Therefore, we expect that the EUR/USD will test at 1.1213-1.1174 again and this scenario fails in case of stability above level of 1.1293.
The alternative scenario is that the EUR/USD retest level of 1.1334.
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.
Sell EUR/USD around the 1.1293 level for targeting at 1.1213 - 1.1174 With the activation of stop loss in the case of the closure of the highest level of 1.1293.
The fundamental overview
• On the economic data level, Draghi, the ECB's central bank governor, will be released at 3 am GMT, as well as German consumer price readings on a monthly basis throughout the day.
• On the other hand, current account and trade balance data will be released at 7.30 am GMT, as well as Federal Reserve Board member Esther George's speech at 4.30 am GMT.
Resistance: 1.1293 - 1.1334 - 1.1350
Support: 1.1213 - 1.1174 - 1.1105
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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