EURUSD Analysis 20.12.2018

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its fifth session retreat since November 28 against the US dollar ahead of the October reading of the Euro-Zone Current Account Index as a whole And developments and economic data expected Thursday by the US economy, the largest economy in the world.

At 05:52 am GMT, the EURUSD rose 0.11% to 1.1388, compared to the opening at 1.1376, after reaching a high of 1.1389, while reaching a low of 1.1372.

Investors looking for the US economy are reading the Philadelphia Industrial Index, which may reflect a widening to 15.6 from 12.9 last month, with the weekly reading of the index showing a rise in the index of aid applications before we see the release of leading indicators which may show stability at zero levels against the high 0.1% last October.

This comes hours after the FOMC meeting of 18-19 December and the press conference held by Federal Reserve Governor Jerome Powell in Washington following the Committee's decision to raise interest rates by 25 basis points for the fourth time this year to 2.25% And 2.50% and move forward in reducing the repurchase of government bonds and mortgage bonds by $ 50 billion per month.

Technical Analysis

The EUR / USD pair held steady below 1.1443 after yesterday's positive attempts. Stochastic is gradually losing its positive momentum while SMA 50 is negatively impacting the price.

Therefore, these factors encourage us to continue with the bearishness targeting the 1.1300 and then the 1.1181 levels, noting that a breach of 1.1443 will push the pair higher and start at 1.1550 and extend to 1.1705.

The trading range for today is expected among the 1.1280 support and the 1.1443 resistance

Support and resistance:

Support: 1.1341-1.1300-1.1210

Resistance: 1.1386-1.1443-1.1500

The general trend for today is bearish