Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 10 April 2019
2019-04-09 11:08 pm | Resource: Technical Analysis | No Views : 199
Time frame Used – 4h
The EUR/USD is moving in a bullish direction in the near term.
The EUR/USD is still facing resistance and selling pressure around the resistance level of 1.1283 but the EUR/USD pair is still consolidating above the support level of 1.1246.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Therefore, we expect that the EUR-USD will fall below 1.146 to target the EUR/USD at 1.1205 - 1.1181 and this scenario fails in case of stabilize above level of 1.1283.
The alternative scenario is that the EUR against the US dollar test at 1.1323.
Looking at the EUR/USD move over the daily time frame, the EUR/USD pair was able to bounce back to test the upper boundary of the down channel around level of 1.1283, forming a negative candlestick pattern.
Our view is currently neutral around EUR-USD.
The fundamental overview
• On the economic data level, several reports will have a strong impact on the EUR / USD movement, such as the release of the European Central Bank's monetary policy statement at 11.45 am GMT, as well as interest rate data on major refinancing operations at 11.45 am As well as the press conference of the European Center for European Policy at 12:30 pm GMT.
• On the other hand, the US Core Consumer Price Index will be released on a monthly basis at 12:30 GMT, as well as the Federal Reserve and US Federal Reserve data releases at 6 am GMT.
Resistance: 1.1283 - 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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