EURUSD Analysis 25.03.2019

The single currency of the European Union region fluctuated in a tight range in the Asian session as it rebounded from the highest level since February 4 against the US dollar on the brink of developments and economic data expected Monday from the biggest eurozone economies. Early this week by the US economy, the world's largest economy.

At 04:29 GMT, the EURUSD dropped 0.16% to 1.1301, compared to the opening at 1.1318 after the pair reached a low of 1.1286, while the highest at 1.1321. Ended last week at 1.1302 before opening this week on a bullish price gap.

The German economy, the largest economy in the eurozone, is expecting the IFO Business Climate Index to rise to 98.7 from 98.5 in February, and the same indicator of expectations may extend to 94.0 versus 93.8 last month, While the reading of the same indicator for the current assessments may indicate a widening of the gap to 102.9 versus 103.4 in February.

Other than that, we followed at the end of last week. The ECB governor said that the recent global trade tensions were the main reason for the slowdown in economic growth of the eurozone and that the growth of the region is expected to continue to slow down and uncertainty increases while the risks of recession remain low, To go ahead with expansionary policy, adding that the implications of the UK exit file from the EU would be limited.

Technical Analysis:

The EUR/USD pair fell last Friday at 61.8% Fibonacci retracement of the 1.1174 to 1.1445 rally to start recovery attempts, supported by Stochastic positive, but SMA 50 is a negative pressure that may hinder positive price attempts.

Therefore, we prefer to remain neutral until the price confirms the breach of one of the pivotal levels of support 1.1278 and resistance 1.1340, noting that breaking this support will extend the losses to reach 1.1180 as the next major station, while breaching the resistance will push the price to recover and achieve positive targets start at 1.1380 and 1.1445.

The trading range for today is expected among the 1.1220 support and 1.1400 resistance.

The expected general trend today depends on the levels mentioned in the report.