EURUSD Analysis 18.01.2019

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 January 4 against the US dollar on the eve of economic developments and data expected Friday by the Eurozone economies and the US economy. World economy.

At 0436 GMT, the EURUSD rose 0.04% to 1.1394 compared to the opening at 1.1389 after the pair hit a session high of 1.1400 and a low of 1.1387.

Investors are currently eyeing the Eurozone economy as a whole, with the seasonally adjusted CPI reading, which could reflect a widening surplus to EUR 24.1 billion from EUR 23.0 billion in October.

On the other hand, investors are looking forward to what Federal Open Market Committee (FOMC) Chairman and New York Bank Chairman John Williams will say about the economic outlook and monetary policy at the Economic Leadership Forum of the New Jersey Banking Corporation.

This comes before the world's largest industrial nations saw the release of the industrial production index, which may reflect a slowdown in growth to 0.2% from 0.6% in November, and reading the Energy Utilization Index, which may show growth accelerating to 78.6% versus 78.5% .

Leading to a preliminary reading of the University of Michigan Consumer Sentiment Index for January, which could reflect a widening of 97.0 versus 98.3 in the previous December reading.

Technical Analysis

The EUR / USD pair has not seen any strong movement in the past few days to keep fluctuating around SMA 50 and moving SMA 7 from SMA 20, holding steady below 1.1443, to keep the bearish scenario intact for the coming period, noting that our main targets start at 1.1340 extends to 1.1181 after breaching the previous level, while stability below 1.1443 is an important condition for achieving the awaited targets.

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

Support and resistance:

Support: 1.1686-1.1341-1.1300

Resistance: 1.1443-1.1500-1.1550

The general trend for today is bearish