EURUSD Analysis 23.11.2018

The single currency of the European Union region fluctuated in a narrowly bullish range against the US dollar following developments and economic data that followed on the Eurozone economies and amid a lack of economic data Thursday by the US economy due to the Thanksgiving holiday in the United States.

Today, at the opening of the Asian session, the EUR / USD pair rose to 1.1414 compared to the opening at 1.1398.

We followed the release of the minutes of the European Central Bank's monetary policy meeting held on the 25th of last month in which ECB monetary policy makers agreed to stay at zero interest rates and stabilize the marginal lending rate at 0.25% while maintaining the deposit interest rate Negative -0.40%, amid the progress of the quantitative easing program until the end of the year by 15 billion euros per month.

Technical analysis:

The EURUSD pair is showing a fresh positive move towards a possible test of 1.1443 supported by the 7-20 trading averages which is trading below the price, while SMA 50 continues to pressure the price, the stochastic is in a sideways direction and does not give any information.

Therefore, we will keep our bearish outlook intact below 1.1443, with our first major target at 1.1300.

The trading range for today is expected among 1.1300 support and 1.1443 resistance.

Support and resistance:

Support: 1.1386-1.1341-1.1292-1.1216;

Resistance: 1.1442-1.1500-1.1550.

The general trend for today is bearish.