EURUSD Analysis 06.03.2019

The euro started to fluctuate in a tight range slipping towards the Asian session to see its fifth session rebound since Feb. 5 against the US dollar amid a lack of economic data from the Eurozone economies and on the eve of economic developments and data expected Wednesday by the US economy

In the morning, the EURUSD dropped 0.11% to 1.1295, compared with the opening at 1.1308, the pair's highest level during the session, while reaching a low of 1.1290.

The markets are currently waiting for the US economy to release preliminary data for the labor market with the reading of the index of change in private sector jobs, which may reflect the slow pace of job creation to 190 thousand jobs added to 213 thousand jobs added in January, before hours From revealing the monthly report of non-agricultural jobs and unemployment rates in addition to the average hourly income for the last month.

Investors are also looking for a trade balance, which could reflect a widening deficit to $ 57.8 billion versus $ 49.3 billion in November, and the expected talk of FOMC member and New York Bank Chairman John Williams at the New York Economic Club, About the Beige Book report, which is important in being issued two weeks before the FOMC meeting.

Technical Analysis

The Euro crossed the 1.1312 barrier, announcing the continuation of the bearish movement as it is currently fluctuating near 1.1296 support as negative pressure on the price continues by moving averages which are moving above the price in a bearish descending order.

The Stochastic is also forming a negative cross between the lines and leading towards the oversold area. if it can enter it. there is a possible to see further decline in price.

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

The general trend for today is bearish