Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 3 April 2019
2019-04-03 01:40 am | Resource: Technical Analysis | No Views : 166
Time frame Used – 4h
The EUR/USD is moving in a bearish direction in the near term.
EUR/USD continues to bleeding losses as the bears managed to push the EUR-USD pair down below 1.1210 level to hit 1.1182 level where the EUR/USD pair is moving within a bearish channel, and we note weakness in the acceleration of the decline.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the oversold area, as well as a positive divergence between indices and prices.
Therefore, we should monitor the level of 1.1174 where stability above this level the EUR/USD will target level of 1.1246 and this scenario fail in case of instability above level of 1.1174.
The alternative scenario is that the EUR/USD complete downward move to hit the 1.1165-1.1105 levels.
Looking at the EUR/USD movement, we found that the EUR/USD pair was not confirmed to break the 1.1210 support level below, as well as forming a positive candlestick pattern below the 1.1210 support level where we expect that the breaking was a false break.
Our view is currently neutral around EUR/USD and we recommend closing any open positions.
The fundamental overview
• In terms of economic data will be issued several reports for the euro zone such as the release of the Spanish PMI data at 7.15 am GMT, as well as the Italian PMI data at 7.45 am GMT, the final data of the French service index PMI at 7.50 am GMT, in addition to the final reading data of the German service index PMI at 7.55 am GMT, as well as the release of the data of the final reading data for the index service for the euro area PMI at 8 am In addition to the release of retail sales data for the euro area at 9 am GMT.
• On the other hand, ADP employment change data will be released at 12.15 pm GMT, as well as the release of the PMI data at 1.45 pm GMT, as well as the release of non-PMI data Manufacturing ISM at 2 pm GMT.
Resistance: 1.1210 - 1.1246 - 1.1286
Support: 1.1174 - 1.1165 - 1.1105
The US dollar rallied against major currencies in early European trade on Friday, as investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole seminar amid intense pressure from President Donald Trump to offer sharp interest rate cuts to help support the economy. Further evidence of interest rate outlook awaits. The minutes of the July FOMC meeting on Wednesday showed that most officials noticed the rate cut in…
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