EURUSD Analysis 15.03.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its fifth session retreat in seven sessions from its lowest since June 26, 2017 against the US dollar on the eve of economic developments and data expected Friday by the economies of the region The euro and the US economy are the largest economy in the world.

At 05:09 am GMT, the EURUSD rose 0.12% to 1.1317, compared to the opening at 1.1303, after reaching a high of 1.1327, while reaching a low of 1.1302.

Germany's biggest economy is looking for the wholesale price index to rise 0.3% from 0.7% in January, before we see the Eurozone economy as a whole unveiling the annual CPI reading Which could reflect growth stability at 1.5%, little changed from January's preliminary reading, versus 1.4% growth.

On the other hand, yesterday we appealed to President of the European Council Donald Tusk for the 27 EU leaders to discuss and consider delaying the UK's exit from the EU for a long time if the British requested a postponement of exit on clear grounds, Time to research and scrutinize its own exit strategy and build a clear plan to deal with it.

This came before we see the official spokesman of the European Commission that the decision to postpone the exit of the United Kingdom from the European Union must be unanimous by the leaders of the European Union and that if the Kingdom remains a member of the Union during the next parliamentary elections, it must participate in these elections , Followed by a vote by the British Parliament to postpone the date of departure from the European Union beyond 29 this month.

On the other hand, the markets are currently looking for the US economy to release the New York Manufacturing Index, which may reflect a widening to 10.1 vs. 8.8 in February before the world's largest industrial producer is reading the Industrial Production Index May show a 0.4% rise versus a 0.6% drop in January, and the energy utilization index showed accelerated growth to 78.5% versus 78.2%.

Leading to the first reading of the University of Michigan consumer confidence index, which may reflect a widening to 95.5 versus 93.8 in February with the release of consumer expectations for inflation for one year to come and five years ahead, in conjunction with the publication of a statistical employment opportunities and job rotation that may Reflecting a decrease to 7.27 million versus 7.34 million last December.

Technical Analysis

The EUR / USD pair is opening today with a bullish bias after the SMA 50, which supports the continuation of our positive outlook over the short and medium term, supported by the positive stochastic appearing on the 4 hour timeframe, awaiting the test of 1.1420 as the next major station.

Keep in mind that stability above 1.1270 is important for the continuation of the expected rally, as breaching it will press the price lower and test the 1.1180 areas again.

The trading range for today is among the key support at 1.1250 and resistance at 1.1420

The general trend for today is bullish