Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 8 April 2019
2019-04-07 09:52 pm | Resource: Technical Analysis | No Views : 158
Time frame Used – 4h
The EUR/USD is moving in a sideway direction in the near term.
The EUR/USD has failed so far to breach the resistance level of 1.1246 to the upside, but it is still moving above the support level 1.1205 as the EUR/USD pair is still facing resistance and selling pressure around the 1.1246 resistance level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the oversold area.
Therefore, we should monitor the 1.1246 level where stability above this level will target the EUR/USD level of 1.1246 again, Which by breaking it above will target the level of 1.1283 and this scenario fails in the case of instability at the highest level 1.1205.
The alternative scenario is that the EUR against the US Dollar complete its downward move down to level of 1.1165-1.1105.
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, and we expect that the EUR-USD will test the 1.1315 level again.
Buy the EUR/USD around the 1.1205 level for targeting levels of 1.1246 - 1.1283 with activation the stop loss in the case of a close below level of 1.1205.
The fundamental overview
• On the economic data level, several Euro Zone reports will be released, such as German trade balance data released at 6 am GMT, and the Sentix Investor Confidence Index at 8.30 am GMT.
• US Factory Orders data will be released on a monthly basis at 2 pm GMT.
Resistance: 1.1246 - 1.1283 - 1.1323
Support: 1.1205 - 1.1181 - 1.1165
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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