EURUSD Analysis 21.03.2019

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its ninth session retreat in its 11-session low since June 26, 2017 against the US dollar amidst a look at the EU economic summit in Brussels and The economic outlook for the US economy is expected to rise on Thursday.

At 04:55 GMT, the EURUSD rose 0.11% to 1.1425, compared to the opening at 1.1413, the pair's lowest level during the session, while the pair reached a high of 1.1438.

Investors are currently waiting for the US economy to read the Jobless Claims for the week ending March 16th, which may reflect a decrease of 3K to 226K versus 229K. Of the month, down by 8 thousand applications to 1,768 thousand applications against 1,776 thousand applications.

This comes in conjunction with the release of the Philadelphia Industrial Index, which may reflect a widening to 4.6 against a contraction of 4.1 in February, before we see the leading index reading, which may rise 0.1% versus 0.1% January, coming hours after the March 19-20 meeting of the Federal Open Market Committee in Washington.

Fed monetary policy makers have agreed to keep interest rates between 2.25% and 2.50% and move forward with a $ 50bn rebound in bond purchases until September as the Federal Reserve cuts its growth forecast and raises its forecast for rates Unemployment and the decline in the expectations of raising interest rates during the current year, while maintaining their expectations to raise once in the next year 2020.

Technical Analysis

EURUSD managed to achieve our main target at 1.1443 and starts to show bearish rebound from there, which makes us likely to see negative trading in the coming sessions, starting with a correction to the recent high, targeting 1.1340 areas mainly.

Hence, the bearishness is likely to be supported today by the negativity of Stochastic, noting that a break of 1.1443 will stop the bearish corrective scenario and push the price to continue to rise in the short term.

The trading range for today is expected among 1.1340 support and 1.1500 resistance

The general trend for today is bearish