Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 9 April 2019
2019-04-08 11:05 pm | Resource: Technical Analysis | No Views : 209
Time frame Used – 4h
The EUR-USD is moving in a bullish direction in the near term.
EUR/USD continued its gains to breach 1.1246 level as we expected in the previous report to hit 1.1273 level as the EUR-USD faced resistance and selling pressure around this level forming a negative candlesticks pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the overbought area.
Therefore, we expect that the EUR/USD will retreat to 1.1246-1.1205 levels again and this scenario fails in case of stability above level of 1.1283.
The alternative scenario is that the EUR against the US Dollar complete its downward move down to 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, and we expect that the EUR-USD will test the 1.1315 level again.
Our view is currently neutral around EUR-USD.
The fundamental overview
• On the economic data, Italian retail sales will be released on a monthly basis at 8 am GMT.
• On the other hand, the NFIB data will be released at 10 am GMT, as well as by the Federal Reserve Board member Clarida at 10.45 pm GMT.
Resistance: 1.1273 - 1.1323 - 1.1355
Support: 1.1246 - 1.1205 - 1.1181
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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