Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 3 April 2019
2019-04-03 01:40 am | Resource: Technical Analysis | No Views : 108
Time frame Used – 4h
The EUR/USD is moving in a bearish direction in the near term.
EUR/USD continues to bleeding losses as the bears managed to push the EUR-USD pair down below 1.1210 level to hit 1.1182 level where the EUR/USD pair is moving within a bearish channel, and we note weakness in the acceleration of the decline.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the oversold area, as well as a positive divergence between indices and prices.
Therefore, we should monitor the level of 1.1174 where stability above this level the EUR/USD will target level of 1.1246 and this scenario fail in case of instability above level of 1.1174.
The alternative scenario is that the EUR/USD complete downward move to hit the 1.1165-1.1105 levels.
Looking at the EUR/USD movement, we found that the EUR/USD pair was not confirmed to break the 1.1210 support level below, as well as forming a positive candlestick pattern below the 1.1210 support level where we expect that the breaking was a false break.
Our view is currently neutral around EUR/USD and we recommend closing any open positions.
The fundamental overview
• In terms of economic data will be issued several reports for the euro zone such as the release of the Spanish PMI data at 7.15 am GMT, as well as the Italian PMI data at 7.45 am GMT, the final data of the French service index PMI at 7.50 am GMT, in addition to the final reading data of the German service index PMI at 7.55 am GMT, as well as the release of the data of the final reading data for the index service for the euro area PMI at 8 am In addition to the release of retail sales data for the euro area at 9 am GMT.
• On the other hand, ADP employment change data will be released at 12.15 pm GMT, as well as the release of the PMI data at 1.45 pm GMT, as well as the release of non-PMI data Manufacturing ISM at 2 pm GMT.
Resistance: 1.1210 - 1.1246 - 1.1286
Support: 1.1174 - 1.1165 - 1.1105
The dollar was slightly different after the US consumer confidence index of the University of Michigan for June at 14:00 in central Europe, where the dollar was little changed against major currencies. Consumer sentiment fell in June in the United States The results of a regular consumer survey conducted by the University of Michigan showed that confidence had worsened after the May recovery. Initial reading of the headline index, published…
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