Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 2 April 2019
2019-04-01 11:14 pm | Resource: Technical Analysis | No Views : 211
Time frame Used – 4h
The EUR/USD is moving in a bearish direction in the near term.
The EUR/USD failed to breach the 1.1246 resistance level for the second time as the selling force managed to push the EUR-USD back to the downside again as the EUR/USD broke down the important support level around 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.
Accordingly, we expect that the EUR/USD will target at 1.1174-1.1165-1.1105 levels respectively, and this scenario fails in case of stability above level of 1.1210.
The alternative scenario is that the EUR/USD retest level of 1.1246 again.
Looking at the EUR/USD movement on the daily time frame, the EUR-USD managed to violent the 1.1210 support level downwards.
Sell the EUR/USD around the 1.1200 – 1.1210 levels for targeting at 1.1174 - 1.1165 With the activation of stop loss in the case of the closure above level of 1.1210.
The fundamental overview
• On the economic data, a number of Euro-zone reports will be released, such as the release of Spanish Unemployment Change data at 7 am GMT, as well as the release of Euro zone producer prices on a monthly basis at 9 am GMT.
• US Durable Goods Orders will be released on a monthly basis at 12:30 GMT, as well as the release of total car sales data throughout the day.
Resistance: 1.1246 - 1.1286 - 1.1323
Support: 1.1174 - 1.1165 - 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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