Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 17 April 2019
2019-04-16 11:00 pm | Resource: Technical Analysis | No Views : 253
Time frame Used – 4h
The EUR-USD is moving in a sideway direction in the near term.
The sell-off managed to control the movement of the EUR/USD pair to end the EUR against the USD today on retreat, as the bears managed to push the EUR-USD downward again but it is still consolidating above the support level of 1.1283.
In view of the technical indicators
Both the RSI and Stochastic are indicating to decline of the indicators.
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 1.1323 to test levels of 1.1355 - 1.1365.
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 current account data for the euro area will be released at 8 am GMT, in addition to the Euro zone consumer price final data releases on a monthly basis and the release of the eurozone trade balance data at 9:45 GMT.
• On the other hand, the US Trade Balance data will be released at 12:30 GMT, as well as the final reading of US wholesale inventories on a monthly basis at 2 pm GMT.
Resistance: 1.1323 - 1.1355 - 1.1365
Support: 1.1283 - 1.1246 - 1.1205
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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