Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 11 April 2019
2019-04-11 08:15 am | Resource: Technical Analysis | No Views : 82
Time frame Used – 4h
The EUR-USD is moving in a sideway direction in the near term.
The EUR/USD was unable to break the 1.1283 resistance level as the EUR-USD is still facing resistance and selling pressure around this level.
In view of the technical indicators
Both the RSI and the Stochastic are pointing to the arrival of indicators to the overbought area.
Therefore, we expect that the EUR-USD will fall below 1.146 to target the EUR/USD at 1.1205 - 1.1181 and this scenario fails in case of stabilize above level of 1.1283.
The alternative scenario is that the EUR against the US dollar test at 1.1323.
Looking at the EUR/USD move over the daily time frame, the EUR/USD pair was able to bounce back to test the upper boundary of the down channel around level of 1.1283, forming a negative candlestick pattern.
Our view is currently neutral around EUR-USD.
The fundamental overview
• On the economic data, several reports will have a strong impact on the movement of the EUR / USD such as the release of final data for German and French consumer prices at 6: 6.45 am GMT.
• On the other hand, the US Core Consumer Price Index will be released on a monthly basis at 12:30 GMT, as well as Clarida talk of the Federal Reserve Board of Governors at 1.30 pm GMT, as well as the Williams Fed Member's speech at 1.35 pm GMT, as well as Federal Reserve Chairman Bullard speech at 1.40 pm GMT, as well as Fed Chairman Bowman talk at 8 pm GMT, as well as US unemployment data at 12.30 GMT (GMT).
Resistance: 1.1283 - 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…
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