EUR Daily Analysis 28-11-2018

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound to its second-lowest session since November 15 against the US dollar on the brink of developments and economic data expected Wednesday by Eurozone economies and the US economy. World economy.

At 03:59 GMT, the EURUSD rose 0.05% to 1.1295, compared to the opening at 1.1289, after reaching a high of 1.1299, while reaching a low of 1.1286.

Markets are looking for Euro-zone economies as a whole to release the annual M3-money offer, which could reflect steady growth of 3.5%, unchanged from the previous September reading, coinciding with the annual reading of the Private Loan Index Growth may accelerate to 3.2% versus 3.1% in September, before we see a statistical reading from the German Consumer Confidence Index (GFK), which reflects a contraction of 10.5 to 10.6 this month.

On the other hand, investors are currently looking for the US economy to reveal the second reading of GDP, which may reflect the widest economy in the world 3.6% in the third quarter compared to the previous preliminary reading of 3.5%, while may show the second reading of GDP measured in prices Growth was stable at 1.7%, unchanged from previous reading.

This is in line with the release of the Trade Balance of Goods Index, which may reflect a widening deficit to $ 76.7 billion from $ 76.0 billion last September and the Wholesale Inventories Index, which could show growth accelerating to 0.5% from 0.4% And before we see the reading of the Richmond Industrial Index, which may reflect a widening to 16 versus 15 last October.

In conjunction with the release of housing data, which could reflect a 4.0% rise in new home sales to about 575K versus a 5.5% decline in about 553K in September, to the expected talk of Federal Reserve Governor Jerome Powell at the New York Economic Club Under the title "Federal Reserve Framework for Financial Stability Control".

Technical Analysis

EURUSD succeeded in reaching our first target at 1.1300 and pressure starts, reinforcing expectations for the short-term downtrend, with the next target at 1.1181, while the continuation of the expected decline depends on stability below 1.1443.

The moving averages push the price and push for further downside towards the support levels as it moves above the price in a perfect order. Stochastic is trading in the overbought area and is trying to exit.

The trading range for today is expected among 1.1240 support and 1.1400 resistance.

Support and resistance:

Support: 1.1295-1.1210-1.1180

Resistance: 1.1340-1.1386-1.1443

The general trend for today is bearish

Author: Maher Maarouf