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EUR/USD Technical analysis 11 December 2018

2018-12-11 04:52 am | Resource: Technical Analysis | No Views : 215

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
The EURUSD failed to stability above the resistance levels of 1.382- 1.1400 after trying to break above it. The purchasing power pushed the EURUSD pair higher trying to breach the resistance level of 1.1382 to reach the 1.1436 level as the EURUSD faced resistance and violent selling pressure.
In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
 Accordingly, we expect that the EURUSD will test levels of  1.1382-1.1420 again, and this scenario fails if the EURUSD stability above the level. 1.1382.
 The alternative scenario is that the EURUSD break level of 1.1300 down to test  the 1.1215 level.

Our view is currently neutral about EURUSD pair.
The fundamental overview
• On the economic data level there are no reports or data with a strong impact on the euro area.
• On the other hand, the US PPI will be released on a monthly basis at 8:30 am GMT, which measures the change in goods and services in the final form provided by producers on a monthly basis. It is a number of indicators that measure the average change in prices for goods and services. It is also a leading indicator of consumer price inflation, which accounts for the bulk of inflation in general.
Resistance: 1.1382 - 1.1435 - 1.1464
Support: 1.1300 - 1.1269 - 1.1215
Direction: sideway
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