Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 12 April 2019
2019-04-12 12:48 am | Resource: Technical Analysis | No Views : 204
Time frame Used – 4h
The EURUSD is moving in a sideway direction in the near term.
The EUR/USD pair ended yesterday's session on decline as the EUR against the US dollar still faces resistance and selling pressure around the resistance level of 1.1283 but it still remains above the support level of 1.1246.
In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore, we should monitor the EUR/USD level of 1.1283 where in case of breaching this level to the upside the EURUSD against the US Dollar is targeting 1.1323 level and this scenario fails in case of instability at the highest level of 1.1246.
The alternative scenario is that the EUR-USD against the US dollar drop below 1.1246 level .
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 movement of the EUR / USD such as the release of industrial production data for the euro area on a monthly basis at 9 am GMT, in addition to the release of import data for the euro area on a monthly basis at full hour 12.30 pm GMT.
• On the other hand, the final reading of US inflation expectations - Michigan and the preliminary reading of US consumer confidence - will be released at exactly 2 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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