EURUSD Analysis 12.03.2019

The euro fluctuated in a range that is likely to rise during the Asian session to continue its fourth straight session against the US dollar after Jerome Powell spoke yesterday, despite the lack of economic data to be released today from the eurozone.

Today, in the opening session of the Asian session, the euro rose against the US dollar by 0.25% after opening the trading day at the value of 1.1247, achieving the highest value at 1.1272.

The meetings are expected to kick off the meetings of Euro finance finance ministers in Brussels, which discuss several financial issues such as mechanisms to support the euro and government funding. These meetings are closed to the press. Officials usually talk to correspondents throughout the day. On the amended agreement for the UK's exit from the EU.

The US economy is also expected to release inflation data with the release of the Consumer Price Index (CPI), which showed a 0.2% growth versus stability at zero levels in January, while the core reading for the same indicator may show a 0.2% It was in January, and the annual reading of the index may also reflect the stability of growth at 1.6%.

The annual Core reading of the CPI may also show a 2.2% growth rate, unchanged from the previous January reading, before we see Federal Reserve Vice President and Federal Open Market Committee member Ellen Bernhard deliver a speech under Entitled "Updating the Law on Community Reinvestment" at the Fair Economy Conference of the Coalition for Reinvestment of National Society in Washington.

Technical Analysis

The Euro tried to test the resistance level 1.1257 and could not break it to rebound back under negative pressure from the 7-resistance moving average.

The moving averages continue with negative pressure on the price that is above the price in descending order. While the Stochastic is showing signs of positive resistance, pushing the price to re-announce resistance.

A break of support 1.1180 will put the price under negative pressure again, heading towards the areas of 1.1110 then 1.1000 as the next major stations.

The trading range for today is among the key support at 1.1150 and resistance at 1.1360