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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 16 April 2019

2019-04-16 08:59 am | Resource: Technical Analysis | No Views : 243


We offer you the analysis of the Euro against the US dollar on Tuesday, April 15, 2019 with the most important expectations of the Euro against the US dollar in the market.
Time frame Used – 4h
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The EUR/USD is still facing resistance and selling pressure around the resistance level 1.1323 as bears managed to push the EUR against the USD down again but it is still consolidating above the support level of  1.1283.
In view of the technical indicators
Both the RSI and the Stochastic indicate a negative divergence between the indices and prices.
 Therefore, we expect that the EUR/USD will fall below 1.1283 level for targeting 1.1246 - 1.1227 levels and this scenario fails in case of stability above level of  1.1283.
 The alternative scenario is that the EUR/USD is breaching level of 1.1283 to test levels of  1.1355 - 1.1365.
Big Picture
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.

EUR/USD DAILY CHART
Recommendation
Our view is currently neutral around EUR-USD.
The fundamental overview
• On the economic data level, the German ZEW Economic Sentiment and the Eurozone will be released at 9 am GMT.
• On the other hand, the US Federal Reserve's Rosengren will be broadcast at 12 am GMT, in addition to the release of US industrial production data on a monthly basis at 1.15 pm GMT, as well as the release of the US housing market data at NAHB at the full hour 2 pm GMT.
Resistance: 1.1323 - 1.1355 - 1.1365
Support: 1.1283 - 1.1246 - 1.1205
Direction: sideway
Technical Analysis
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