EURUSD Analysis 09.01.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see a rebound to the fourth session in five sessions from its lowest since December 17 against the US dollar on the eve of developments and economic data expected Wednesday by Eurozone economies The US economy is the largest economy in the world.

At 5:31 am GMT, the EURUSD rose 0.15% to 1.1458, compared to the opening at 1.1441 after the pair hit a session high of 1.1466 and a low of 1.1437.

The markets are currently looking for the euro zone's biggest economy to show the trade balance, which could reflect a widening surplus to 17.9 billion euros from 17.3 billion euros in November, before we see unemployment reading for Italy, the third largest economy in the region. Showing a decline to 10.5% from 10.6% in October, and unemployment in the region as a whole at 8.1%.

On the other hand, we have followed US President Donald Trump in Washington about US border security and the partial closure of the federal government, which is entering its third week in a row. Otherwise, the markets are looking forward to what the FOMC member and Fed Chairman Eric Rosengreen on the economic outlook for the world's largest economy at the Boston Economic Club.

Before we see the release of the Federal Open Market Committee meeting held on December 18-19, in which the Fed's monetary policymakers agreed to raise the federal funds rate for the fourth time last year by 25 points Under the leadership of Federal Reserve Governor Jerome Powell to between 2.25% and 2.50%, which was expected by the markets at the time.

Technical Analysis

The EUR / USD pair has been trading sideways and narrow range since yesterday and is settling around 1.1443. Therefore, there is no change to our bullish trend targeting 1.1550 then 1.1705 as the next major stops, noting the importance of daily closing above 1.1443 to achieve the suggested targets.

SMA 50 offers positive price support to support expectations for a rally.

The trading range for today is among the key support at 1.1370 and resistance at 1.1550

Support and resistance:

Support: 1.1443-1.1386-1.1341

Resistance: 1.1500-1.1550-1.1582

The general trend for today is bullish