Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 9 April 2019
2019-04-08 11:05 pm | Resource: Technical Analysis | No Views : 149
Time frame Used – 4h
The EUR-USD is moving in a bullish direction in the near term.
EUR/USD continued its gains to breach 1.1246 level as we expected in the previous report to hit 1.1273 level as the EUR-USD faced resistance and selling pressure around this level forming a negative candlesticks pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the overbought area.
Therefore, we expect that the EUR/USD will retreat to 1.1246-1.1205 levels again and this scenario fails in case of stability above level of 1.1283.
The alternative scenario is that the EUR against the US Dollar complete its downward move down to 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, and we expect that the EUR-USD will test the 1.1315 level again.
Our view is currently neutral around EUR-USD.
The fundamental overview
• On the economic data, Italian retail sales will be released on a monthly basis at 8 am GMT.
• On the other hand, the NFIB data will be released at 10 am GMT, as well as by the Federal Reserve Board member Clarida at 10.45 pm GMT.
Resistance: 1.1273 - 1.1323 - 1.1355
Support: 1.1246 - 1.1205 - 1.1181
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…
- Eur traded against the major currencies after the euro zone data 10:31 am2019-06-13
- Dollar fell on anticipation of trade tensions and interest rates 09:40 am2019-06-12
- Dollar is trading near two-month lows against major currencies 10:08 am2019-06-11
- Sterling hits losses against major currencies after pessimistic data 10:42 am2019-06-10
- Euro is rising against major after inflation and unemployment data 09:57 am2019-06-04
- Dollar fell against currencies with the exception of a trade agreement 11:13 am2019-06-03
- Eur is falling as German bunds hit record highs and stocks plummeted 11:47 am2019-05-31
- Dollar stabilized against the currencies ahead of GDP data 10:51 am2019-05-30
- Euro is mixed after the ECB is warning of a trade war 12:02 pm2019-05-29