EURUSD Analysis 21.11.2018

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session against the US dollar amid a lack of economic data from Eurozone economies and on the eve of economic developments and data expected Wednesday by the US economy, the world's largest economy.

At 5:34 am GMT, the EURUSD rose 0.03% to 1.1373 compared to the opening at 1.1370 after the pair hit a session high of 1.1375 and a low of 1.1365.

Investors are looking forward to the response of the Commission of the European Commission to the proposal of the Italian budget adjusted for 2019, which targets the Italian government deficit of 2.4%, overshadowing the European Union rules that follow that the deficit target in the general budget of the Union countries of the two percent, European Commission President Valdis Dombrovskis said last Friday that Italy is publicly defying EU rules on the budget.

On the other hand, investors are looking for the US economy to see the durable goods sales index, which accounts for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 2.2% drop from 0.7% in September, The core of the index itself rose 0.4% against stability at zero levels in September.

Technical analysis:

The EURUSD finished yesterday's trading below 1.1443, confirming the rebound to the downside as the price found it difficult to surpass the SMA 50 which formed a strong resistance to last positive price attempts while Stochastic is providing a negative cross.

Therefore, the bearish bias will likely be valid in the coming sessions with steady price below 1.1443, noting that our main targets start at 1.1300 and extend to 1.1181 after breaking the previous level.

The trading range for today is expected between 1.1270 and 1.1443 support.

Support and resistance:

Support: 1.1250-1.1300-1.1270;

Resistance: 1.1443-1.1500-1.1550.

The general trend for today is bearish.