EURUSD Analysis 12.02.2019

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its rebound to its second-lowest session since November 28 as economic data on Tuesday narrowed the eurozone economy and the US economy, the world's largest economy.

At 04:22 GMT, the EURUSD rose 0.01% to 1.1277, compared to the opening at 1.1276, after reaching a high of 1.1285 and a low of 1.1273.

The markets are looking forward to what German Central Bank Governor Jean Wiedmann will say at the University of South Africa in Pretoria under the title "The role of the central bank in the modern economy - a European perspective", coinciding with the launch of the meetings of the ministers of finance of the Euro-zone ECOFIN in Brussels, Many financial issues such as mechanisms to support the euro and government funding, these meetings are closed to the press that officials usually talk to correspondents throughout the day.

On the other hand, investors are looking forward to what Federal Reserve Governor Jerome Powell will speak at the Hope Foundation Rural Policy Forum in Mississippi, entitled "Economic Development in High-Poverty Rural Communities." Markets are also looking forward to what the US Republican Administration Congress, which has a majority of Democrats on funding the border security program to avoid a new partial closure of the federal government.

Technical Analysis

The EUR / USD pair made negative trading yesterday to settle below the 1.1300 barrier, which supports our expectations of further bearishness over the short and medium term, awaiting the visit of 1.1181 which represents our next target.

SMA 50 continues to support the suggested bearish wave, which requires stability to remain below 1.1443.

The trading range for today is among the key support at 1.1180 and resistance at 1.1350

Support and resistance:

Support: 1.1300-1.1216-1.1180

Resistance: 1.1341-1.1386-1.1443

The general trend for today is bearish