EURUSD Analysis 01.03.2019

The EUR is fluctuating in a tight range that is rising to continue to bounce back from the 14-day low after Fed Governor Jerome Powell spoke in New York and ahead of economic data expected on Friday by Eurozone economies and the US economy, the world's largest economy.

GMT The pair rose 0.03% to 1.1374, compared to the opening at 1.1371 after the pair hit a session high of 1.1375 while the lowest at 1.1364.

Looking ahead from Germany to see the Retail Sales figure, which may reflect a 1.9% rise from last December's 4.3% decline, before we see the fourth largest economy in the Eurozone Spain unveiling the Industrial PMI reading which may reflect the narrowing of the widening To 51.8 from 52.4 in January.

From Italy, we expect the PMI to show a contraction of 47.1 versus 47.8 in January before we see the final reading of the same index for both France and Germany, which may reflect stability at 51.4 in France Against 51.2 in January, and a contraction of 47.6 in Germany against 49.7.

In the same context, the final reading of the Eurozone industrial PMI may reflect a deflationary stability of 49.2 versus a 50.5 increase in January following the release of Germany's Unemployment Change, In January, coinciding with the release of Italy's unemployment reading, which may reflect a rise to 10.4% versus 10.3% in December.

Under the headline "Recent Economic Developments and Challenges in the Long Term" we have followed the speech of Federal Reserve Governor Jerome Powell at a dinner of the Citizens' Budget Committee in New York, hours before the economic data released today by the world's largest economy, And personal income for the months of December and January.

Investors are also looking for a final PMI reading by Markit on the US last month, which may reflect the stability of the widening at 53.7 vs. 54.9 in January, before the ISI manufacturing index was released, which may show a contraction of 55.6 Compared to 56.6 in January, while the same indicator of price indices may show a widening to 51.6 versus a contraction at 49.6.

This comes in conjunction with the final release of the University of Michigan Consumer Confidence Index, which may reflect a widening to 95.8 from February's preliminary reading of 95.5 versus January's 91.2, as well as consumer expectations of inflationary pressures for a year and five years.

Technical Analysis

The pair fluctuates between the moving averages 7-20 and above the SMA 50, and the price remains limited between the pivotal levels of support 1.1300 and resistance 1.1400 The price needs to break through one of these levels to determine its next target more precisely, making us remain neutral Situation.

We will note that breaking this support will put the price under negative pressure again, targeting the 1.1180 level initially, while breaking the resistance will open the door to extend the gains to reach the levels of 1.1443 and then 1.1550 as the first major stations.

The trading range for today is among the key support at 1.1280 and resistance at 1.1460

The expected general trend for today: neutral