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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 20 March 2019

2019-03-20 07:56 am | Resource: Technical Analysis | No Views : 31

Time frame Used - 60 min
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The EUR/USD is still facing resistance and selling pressure around the 1.1364 level as the EUR/USD is floating within an up channel as it faces resistance around the upper boundary of the up channel.
Level in view of technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
  Therefore, we expect that the EUR/USD will fall back to level of  1.1320 again and this scenario fails in case of stabilize above level of 1.1366.
  The alternative scenario is that the EUR/USD pair slide to levels of  1.1220 - 1.1174.
Big Picture
Looking at the EUR/USD movement on the daily time frame, the EUR/USD fell back to the important support level of 1.1211 and the break was a false break, and Both RSI and Stochastic are indicating to the arrival of indicators to the oversold area, Accordingly, we expect that the EUR/USD will target at 1.1430.
EUR/USD DAILY CHART
Recommendation
Our view is currently neutral around EUR/USD.
The fundamental overview
• On the economic data level German producer price data will be released on a monthly basis at 2 am.
On the other hand, the Federal Reserve Economic Outlook data will be released at 1 pm GMT, as well as Federal Reserve data releases at 1 pm GMT, as well as the Federal Reserve's statement at 1 pm GMT, To the Federal Reserve Committee press conference at 1.30 pm GMT.
Resistance: 1.1338 - 1.1366 - 1.1410
Support: 1.1290 - 1.1220 - 1.1174
Direction: sideway
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