EURUSD Analysis 15.02.2019

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see its ninth session retreat in 11 of its highest sessions since January 11 on the eve of developments and economic data expected on Friday by Eurozone economies and the US economy.

At 05:23 GMT, the EURUSD dropped 0.08% to 1.1286, compared to the opening at 1.1295, after reaching a low of 1.1284, while reaching a high of 1.1297.

The markets are looking for the third largest economy in the euro area. Italy's trade balance index, which may show a contraction of the surplus to 3.47 billion euros from 3.84 billion euros last November, before we see the eurozone economies as a whole which could show a surplus to 15.6 billion euros from 15.1 billion euros in November.

On Thursday, European Council President Donald Tusk said that the European Union is still looking forward to presenting proposals to help Britain overcome the crisis of its exit from the Union. In another context, some of the reports also mentioned yesterday that the Union has begun to study the increase in tariffs on some imported goods from the United States in response to the potential increase in tariffs on European cars exported to America.

On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a contraction of the decline to 0.1% from 1.0% in December, coinciding with the release of the New York Industrial Index of the world's largest industrial country, which may explain the breadth to 7.1 versus 3.9 in January.

Before the release of the industrial production index, which may reflect a slowdown in growth to 0.1% versus 0.3% in December, coinciding with the release of the energy utilization index reading, which could show a rapid growth rate of 78.8% versus 78.7% led to the first reading of the University of Michigan Consumer Confidence Index, which may reflect a widening to 93.3 versus 91.2 in January.

Technical analysis:

The EUR/USD pair continues to fluctuate around 1.1300 and is still below it, noting that Stochastic is beginning to provide a negative cross signal now, while SMA 50 continues to pressure the pair negatively.

Therefore, these factors encourage us to continue to moderate the bearishness during the coming sessions, which has the next target at 1.1180, while stability is required to remain below 1.1365.

The trading range for today is among the key support at 1.1180 and resistance at 1.1365.

The general trend for today is bearish.