EURUSD Analysis 15.01.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session against the US dollar on the eve of economic developments and data expected on Tuesday by the Eurozone economies and the US economy, the world's largest economy. Britain's exit agreement from the European Union later in the day.

At 04:22 GMT, the EURUSD rose 0.11% to 1.1482 compared to the opening at 1.1469 after recording a high of 1.1490 and a low of 1.1466.

The markets are currently looking for France's second-biggest economy to unveil the final CPI reading, which may reflect stability at zero levels, unchanged from the previous December reading, versus 0.2% contraction in November. Last November, in conjunction with the issuance of the reading of the government budget of France.

This comes ahead of the eurozone economy as a whole, revealing the reading of the trade balance, which could reflect a widening of the surplus to 13.2 billion euros from 12.5 billion euros last October, to the testimony of European Central Bank Governor Mario Draghi later today About the ECB's annual report to the European Parliament.

On the other hand, investors are looking for the US economy to see the Producer Price Index (PPI), a preliminary index of inflationary pressures, which may reflect 0.1% contraction versus 0.1% growth in November, while the same index may show growth stability at 2.5% A little changed from what it was in the previous annual reading for the month of November.

In the same context, the core reading of the PPI may show a slowdown in growth to 0.2% from 0.3% in November, while the core annualized reading of the same index may show a 2.9% growth rate, compared with 2.7% in the previous November reading , In conjunction with the release of the New York Industrial Index, which may show a widening to 11.6 versus 10.9 last December.

Technical Analysis

EURUSD starts today with a slight bullish bias to move away from the 1.1443 level, which supports our continued bullish outlook, which gets good positive support from the SMA 50, with the reminder that our awaited targets start at 1.1550 then 1.1705, while stability above 1.1443 An important condition to achieve.

The trading range for today is expected among 1.1400 support and 1.1570 support

Support and resistance:

Support: 1.1443-1.1386-1.1341

Resistance: 1.1500-1.1550-1.1583

The general trend for today is bullish