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EUR/USD Technical analysis 11 January 2019

2019-01-10 11:21 pm | Resource: Technical Analysis | No Views : 49

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The EUR/USD declined at the beginning of morning trading as we expected in the previous report to hit level of  1.1484, where we advised the addition of buying positions where bears managed to push the EUR/USD downwards forming a positive candlestick formation.
In view of the technical indicators
Note that the EUR/USD is moving between the Bollinger's moving average line20 and the upper boundary of the Bollinger band.
Both the RSI and the Stochastic indicate that there are no signs.
 Therefore, we expect that the EUR/USD will rebound level of  1.1557 again, Which by breaking it above will target the level of  1.1612, and this scenario would fail in case of broke the 1.1480 level down
 The alternative scenario is that the EUR/USD pair broke the Bollinger's moving average line20 around the 1.1480 level to drop to level of  1.1410.
Recommendation
Buy the EURUSD around level of 1.1480, (buying dips) With the activation of stop loss in case of closure below the level of 1.1480.
The fundamental overview
• On the economic data level, the PMI report will be released on a monthly basis at 4 am GMT.
• The US Core Consumer Price Index and the US Consumer Price Index will be released on a monthly basis at 8.30 am GMT.
Resistance: 1.1557 - 1.1612 - 1.1550
Support: 1.1480 - 1.1410 - 1.1350
Direction: Up
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