EURUSD Analysis 18.03.2019

The EUR continues to move within the 7-day rally after rebounding from the March 8 bottom as the US dollar index closed for the sixth session in eight sessions from its highest since June 21, 2017 according to the inverse correlation Despite the lack of economic data for Monday the European economy and before the developments and economic data expected on Monday by the US economy.

Today, in the opening session of the Asian session, the euro rose against the US dollar by 0.15% to the level of 1.1333 after opening today's session at 1.1320, recording the highest price of 1.1337 and the lowest price of 1.1317.

We are looking at the US economy today to release housing market data with the National Housing Association's Housing Index reading, which has widened to 63 versus 62 in February. The most important news for this week is the FOMC meeting tomorrow Tuesday and Wednesday in Washington.

As the Federal Reserve monetary policy makers are expected to keep interest rates between 2.25% and 2.50% at the March 19-20 meeting and move forward with a 50% Fed interest rates once this year and announced plans to stop reducing the reduction of bond buybacks.

Investors are also looking to expose FOMC members to their expectations of growth and unemployment as well as inflation and future federal funds for the next three years ahead of Fed Chairman Jerome Powell's recent press conference on the Fed's determination to be patient and monitor economic data before resuming. The tightening of monetary policy.

Technical Analysis

The EURUSD managed to close above the resistance level at 1.1212 last week and opened today's session above this level to continue the bullish trend towards 1.1361 supported by the positive pressure coming from the moving averages 20-7 which is below the price and the momentum to rise to target 1.1361 where the moving average 50 at this level is therefore a very strong resistance to the price

The Stochastic in the overbought area gives a bearish cross signal between its lines, so if it leaves the region, we will likely see a decline in the Euro to support 1.1312

We are in a bullish path provided that the trading remains above 1.1312 where the movement between 1.1280 support and resistance is 1.1361

Support and resistance:

Support: 1.1312-1.1280-1.1257

Resistance: 1.1361-1.1400-1.1443

The general trend of the movement is bullish