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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 1 April 2019

2019-03-31 09:35 pm | Resource: Technical Analysis | No Views : 871

We offer you the analysis of the Euro against the US dollar on Monday, April 1, 2019 with the most important expectations of the Euro against the US dollar in the market.
Time frame Used – 4h
The EUR/USD is moving in a bearish direction in the near term.
EUR/USD CHART
The EUR/USD failed to breach the resistance level of 1.1246 to the upside as the selling force managed to push the EUR-USD back down again but it is still consolidating above the 1.1200 level.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area and a positive divergence between prices and indicators.
 Accordingly, we expect that the EUR/USD will target at 1.1246-1.1283-1.1323 again and this scenario fails in case of instability above the 1.1210 level.
 The alternative scenario is that the EUR/USD pair retreated to levels of  1.1174-1.1105.
Big Picture
Looking at the EUR/USD movement, we note that the EUR/USD pair was able to test the support level at 1.1210, where the pair is still consolidating above this level but the indicators still confirm the downside move as the EUR-USD moves within a down channel.
EUR/USD DAILY CHART
Recommendation
Buy the EUR/USD around the 1.1220 – 1.1210 levels for targeting at 1.1246 - 1.1286 – 1.1323 With the activation of stop loss in the case of the closure below level of 1.1210.
The fundamental overview
• In terms of economic data will be issued several reports for the euro area such as the release of the Spanish PMI and Italian PMI at 7.15 and 7.45 am GMT, as well as the final reading of the manufacturing index of the French and German at 7.50 am and 7.55 am GMT, As well as the final reading of the Euro Zone manufacturing index at 8 am GMT, as well as the release of preliminary consumer price data for the euro area on an annual basis at 9 am GMT.
• On the other hand, US retail sales data will be released on a monthly basis at 12:30 GMT, in addition to the final reading of the US Manufacturing PMI at 1.45 pm GMT, as well as the manufacturing PMI data released by (ISM) at 2 pm GMT, as well as the release of US business inventories on a monthly basis at 2 pm GMT.
Resistance: 1.1246 - 1.1286 - 1.1323
Support: 1.1210 - 1.1174 - 1.1105
Direction: Down
Technical Analysis
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