EURUSD Analysis 07.03.2019

The single currency of the European Union region fluctuated in a tight range to retreat during the Asian session to see its sixth session retreat since February 5 against the US dollar on the eve of the European Central Bank's decisions and trends as well as the economic developments and data expected on Thursday by The economies of the euro area and the US economy are the largest economy in the world.

At 4:11 am GMT, the EURUSD dropped 0.02% to 1.1305 compared to the opening at 1.1307, after reaching its lowest level during the session at 1.1303, while reaching a high of 1.1316.

The markets are currently looking for Italy's third-quarter economy to release the Retail Sales Index, which could reflect a 0.3% rise from a 0.7% decline in December before we see the end of the Eurozone employment change that may reflect Remained stable at 0.3%, unchanged from the preliminary reading for the fourth quarter, versus 0.2% in the third quarter.

This comes ahead of the release of the seasonally adjusted final GDP reading for the eurozone as a whole for the fourth quarter, which may reflect the stability of the widening of 0.2%, unchanged from the previous quarter and the previous reading for the third quarter. At 1.2%, also unchanged from the previous reading and 1.6% in the third quarter.

The ECB meeting is expected to keep interest rates at current zero levels and stabilize the marginal lending rate by 0.25% while remaining at a negative deposit rate of -0.40% in the shadow of the performance of the Eurozone economies in recent times. , Before we see the talk of the European Central Bank Governor Mario Draghi during the ECB press conference.

On the other hand, we followed Wednesday the European Union Commissioner for the file of the exit of Britain from the European Union Michel Barnier that the exit talks between the parties are at a difficult stage during the current period and that no solution has been reached on the crisis of the Pakstop plan so far, while the President of the Council of Europe Donald Tusk Also yesterday because there is an external force against Europe and the Union that seeks to influence the democratic choices of European citizens.

On the other hand, the markets are currently waiting for the US economy to disclose the final reading of the productivity index and the cost of one work, which may show productivity growth slowing to 1.5% compared to the preliminary reading of the fourth quarter and the previous quarter's reading of 0.9%, and accelerated cost growth to 0.9% Compared to the previous reading and the previous reading of the third quarter at 0.9%.

This comes in conjunction with the reading of the index of claims for the week ending on March 2, which may reflect stability of 225 thousand requests, unchanged from the previous weekly reading, before we see the talk of a member of the Federal Open Market Committee and Deputy Governor of the Federal Reserve, About economic outlook and monetary policy at Princeton University, New Jersey.

Technical Analysis

The EUR / USD pair fluctuates around the 1.1300 level for the third day in a row, with the moving averages forming a negative pressure against the pair while Stochastic is beginning to lose positive momentum.

Therefore, chances remain to resume the expected bearish intraday trend targeting 1.1180 mainly, while stability remains below 1.1300.

The trading range for today is among the key support at 1.1180 and resistance at 1.1370

The general trend for today is bearish