Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 28 March 2019
2019-03-28 09:27 am | Resource: Technical Analysis | No Views : 149
Time frame Used - 60 MIN
The EUR/USD is moving in a bearish direction in the near term.
EUR/USD continued to shed losses to hit at 1.1234 as the bears managed to push the EUR/USD pair down again to touch the lower boundary of the falling wedge and then rebounded again to breach the upper boundary of the rising wedge and Looking at the chart, A strong seller puts pressure on prices and we find that there is a smart buyer on the other hand.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating improved performance.
Therefore, we expect that the EUR/USD will target levels of 1.1286-1.1300 - 1.1330 again and this scenario fails in case of instability above the 1.1234 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, where it faces resistance and selling pressure around this level accompanied by a negative candlesticks pattern.
Buy the EUR/USD around the 1.1240 – 12.34 levels for targeting at 1.1286 - 1.1300 – 1.1330 With the activation of stop loss in the case of the closure below level of 1.1234.
The fundamental overview
• On the economic data level, Spain's preliminary consumer price data will be released on an annual basis at 3 am GMT, as well as private sector loans for the euro region on an annual basis at 4 am GMT, euro zone money supply on an annualized basis At 4 am GMT.
• On the other hand, Federal Reserve Committee member Quarles will be broadcast at 6.15am GMT, as well as a final GDP reading on a quarterly basis at 7.30 am GMT, as well as a recent talk by Federal Reserve Committee member Clarida at 8:30 am GMT, as well as Fed Chairman Bowman's speech at 9 am GMT, as well as Federal Reserve Chairman Bullard's speech at 4.20 pm GMT.
Resistance: 1.1286 - 1.1300 - 1.1330
Support: 1.1234 - 1.1213 - 1.1174
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