Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 11 April 2019
2019-04-11 08:15 am | Resource: Technical Analysis | No Views : 153
Time frame Used – 4h
The EUR-USD is moving in a sideway direction in the near term.
The EUR/USD was unable to break the 1.1283 resistance level as the EUR-USD is still facing resistance and selling pressure around this level.
In view of the technical indicators
Both the RSI and the Stochastic are pointing to the arrival of indicators to the overbought area.
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, several reports will have a strong impact on the movement of the EUR / USD such as the release of final data for German and French consumer prices at 6: 6.45 am 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 Clarida talk of the Federal Reserve Board of Governors at 1.30 pm GMT, as well as the Williams Fed Member's speech at 1.35 pm GMT, as well as Federal Reserve Chairman Bullard speech at 1.40 pm GMT, as well as Fed Chairman Bowman talk at 8 pm GMT, as well as US unemployment data at 12.30 GMT (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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