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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 21 March 2019

2019-03-20 11:00 pm | Resource: Technical Analysis | No Views : 37

Time frame Used - four hours
The EURUSD is moving in a bullish direction in the near term.
EUR/USD CHART
The purchasing power managed to push the EUR/USD to reach resistance levels of  1.1410 - 1.1448 as the EUR/USD faces resistance and selling pressure around this level.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators to the overbought area.
  Accordingly, we expect that the EUR/USD will drop to levels of  1.1366-1.1320 again and this scenario fails in case of stability above level of 1.1410.
  The alternative scenario is that the EUR/USD retest at 1.1448 - 1.1514.
Big Picture
Looking at the EUR/USD movement over the daily time frame, the EUR/USD pair is able to touch the lower boundary of the up channel that is breached below as it faces resistance and selling pressure around this level.
EUR/USD DAILY CHART
Recommendation
Sell The EUR/USD around the 1.1410 level for targeting levels of 1.1366 - 1.1320 With the activation of stop loss in the case of the closure of above level of 1.1410.
The fundamental overview
• On the economic data level, the EU Economic Summit will be held throughout the day.
• On the other hand, US Unemployment Claims will be released at 7:30 am GMT, in addition to the Philadelphia Manufacturing Index on a monthly basis at 7.30 am GMT, as well as the release of US labor market data on a monthly basis at 8:30 am GMT.
Resistance: 1.1410 - 1.1448 - 1.1514
Support: 1.1360 - 1.1334 - 1.1296
Direction: up
Technical Analysis
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