EURUSD Analysis 28.02.2019

The EUR fluctuated in a sideways sideways move towards the Asian session against the US Dollar on the eve of economic developments and data expected Thursday by Euro-zone economies and the US economy, and hours after the expiration of the Fed's semi-annual testimony on monetary policy before the US Congress

The EURUSD opened today up 0.06% to 1.1377, compared with the opening at 1.1370, after reaching a high of 1.1380, while reaching a low of 1.1367.

Looking ahead from Germany, the import price reading, which may reflect a rise of 0.3% against a 1.3% drop in December, will be expected before we see France unveiling the preliminary reading of the GDP index, which may reflect a stable growth of 0.3% unchanged Reminds of what it was in the third quarter last.

In addition to the release of the French consumer spending index, which may reflect a rise of 0.5% against the 1.5% decline in December and the release of inflation data for Germany and France with the release of the preliminary reading of the consumer price index, which may show a wide 0.5% in Germany and 0%. 4% in France against a contraction of 0.8% and 0.4% in January.

On the other hand, the markets are currently looking for the US economy, revealing the preliminary reading of GDP, which may reflect the contraction of the largest economy in the world to 2.6% in the fourth quarter compared to 3.4% in the third quarter, and may show the preliminary reading of GDP measured in prices Over the previous quarter, slowing growth to 1.7% versus 1.8% in the third quarter.

This comes in conjunction with the reading of the index of claims for the week of February 23, which may reflect a rise of 5 thousand applications to 221 thousand applications compared to 216 thousand applications in the previous weekly reading, before we see the disclosure of the Chicago Purchasing Managers Index May reflect a widening to 58.1 versus 56.7 in January.

Technical analysis:

The EUR continues to move sideways between the resistance 1.1401 and the support 1.1361 so we will keep the movement neutral until one of the two previous crosses is breached.

A breach of the resistance will lead to a return to movement within the ascending channel that the EUR has been floating in since last November and the target will be the pivotal resistance level 1.1443. While breaching the support will push the price down and put it under negative pressure to push towards the awaited support 1.1881

The sideways movement as we mentioned between 1.1312 support and 1.1443 resistance

Support and resistance:

Support: 1.1361-1.1312-1.1257

Resistance: 1.1400-1.1443-1.1500