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Best Opportunities, Vision and Technical Analysis for the EUR/USD pair 15 March 2019

2019-03-14 10:41 pm | Resource: Technical Analysis | No Views : 60

Time frame Used - four hours
The EURUSD is moving in a sideway direction in the near term.
EUR/USD CHART
The purchasing power managed to push the EUR/USD to reach the resistance level of 1.1338 as the EUR/USD is facing resistance and selling pressure around this level, and it was unable to stability above the 1.1320 level, but it is still above the Bollinger's moving average line.
Level in view of technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
  Accordingly, we expect that the EUR/USD will target levels of  1.1366 - 1.1410 again and this scenario fails in case of instability above the 1.1290 level.
  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
Buy The EUR/USD around the 1.1290 level for targeting levels of 1.1366 - 1.1410 With the activation of stop loss in the case of the closure of below level of 1.1290.
The fundamental overview
• On the economic data level, several Eurozone data will be released, such as Germany's wholesale price data on a monthly basis at 2 am GMT, as well as the final reading data for the main consumer prices for the euro area on an annual basis at 5 am GMT .
• On the other hand, the New York Manufacturing Index will be released at 7.30 am GMT, as well as the release of US Industrial Production data on a monthly basis at 8.15 am GMT, as well as the release of the Consumer Confidence Consumer Sentiment - Michigan at full hour 9 am GMT, as well as the release of preliminary reading of inflation expectations - Michigan at 9 am GMT, as well as job vacancies and US turnover at 9 am GMT.
Resistance: 1.1338 - 1.1366 - 1.1410
Support: 1.1290 - 1.1220 - 1.1174
Direction: sideway
Technical Analysis
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