Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 15 April 2019
2019-04-14 09:33 pm | Resource: Technical Analysis | No Views : 268
Time frame Used – 4h
The EURUSD is moving in a bullish direction in the near term.
the EUR/USD ended yesterday's session lower as the bulls managed to push the EUR against the US dollar to break through 1.1283 the resistance level and hit 1.1323 level as the EUR-USD faced selling pressures that pushed it down again but it is still consolidating above 1.1283 level forming a positive candlestick pattern .
In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Accordingly, we should watch the EUR/USD pair at 1.1283 where stability above this level will target the EUR/USD 1.1323-1.1360 and this scenario will fail in the case of instability above 1.1283 level.
The alternative scenario is that the EUR/USD pair is retreating down below 1.1283 level to test 1.1246-1.1205 levels.
Looking at the EUR/USD on the daily time frame, the EUR/USD pair is able to bounce back to test the upper boundary of the down channel around 1.1283 level trying to breach 1.1283 level but we need more confirmation.
Our view is currently neutral around EUR-USD.
The fundamental overview
• On the economic data level, the German Federal Bank will publish its monthly report.
• On the other hand, the New York Manufacturing Index will be released at 12:30 GMT.
Resistance: 1.1323 - 1.1355 - 1.1365
Support: 1.1283 - 1.1246 - 1.1205
The dollar rose and the euro weakened as the pound traded mixed in European trade as traders awaited the new Brexit and trade war after US Commerce Secretary Wilbur Ross said on Monday that a "correct" trade deal with China was more important than signing in November. Ross: China's deal should be right, not quick The comments come after President Donald Trump said the "first phase" deal should be "easy…
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