EURUSD Analysis 12.04.2019

The single currency of the European Union region rose during the Asian session to rebound to a fourth session in nine sessions from its lowest since March 7 when its lowest since June 26, 2017 against the US dollar on the eve of economic developments and data expected today Friday by the eurozone economies and the US economy the world's largest economy.

At 4:50 am GMT, the EURUSD rose 0.34% to 1.1291, compared with the opening at 1.1253, after reaching the highest level since March 26 at 1.1295, while achieving a low of 1.1253

The markets are currently looking for the Eurozone economy as a whole to release industrial data with the seasonally adjusted Industrial Production Index, which may reflect a 0.5% drop from January's 1.4% 1.0% versus 1.1% in the previous January reading.

This comes after EU and UK leaders reached an agreement on Wednesday to extend the deadline for Britain's exit from the EU until the end of October. European Council President Donald Tusk said that this development provides "an additional six months for the UK to find the best possible solution", Following ECB President Mario Draghi's warning of downside risks as he reported slowing economic growth momentum in the eurozone following the ECB's decision to stay at zero interest rates.

On the other hand, investors are looking ahead to the reading of the import price index, which may reflect a slowdown in growth to 0.4% from 0.6% in February, while the same indicator excluding oil may show stability at zero levels versus 0.1% The index's annual reading shrank to 0.7% from 1.3% in February.

This comes ahead of the release of the preliminary reading of the University of Michigan consumer confidence index, which may reflect a widening of the widening to 98.1 versus 98.4 in March as consumers forecast inflation for one year to come and five years ahead, until the US Treasury issued its half report Per annum on economic policies and the international exchange rate or known as the currency report of the US Treasury.

On Wednesday, the Fed unveiled the minutes of the Federal Open Market Committee meeting held on March 19-20, which focused on patience, monitoring of economic developments and data, with a gradual reduction in bond buybacks until September, Interest rates between 2.25% and 2.50% in the shadow of the stability of inflationary pressures near the target.

Technical analysis:

The EUR / USD pair is resuming its positive trading session at the beginning of the day, after yesterday's narrow fluctuation, to test and test the resistance 1.1287 which has been tested several times this week, waiting to break this barrier to confirm our first positive target at 1.1350, This level will push the price towards 1.1443 as a next stop.

The EUR is gaining bullish momentum from the moving averages that are in a bullish order below the price. And also from the Stochastic which is heading towards the oversold area.

Therefore, we continue to favor the bullish trend in the coming sessions unless the price falls to break the 1.1235 and then the 1.1180 levels below.

The trading range for today is expected among the 1.1200 support and 1.1380 resistance

The expected general trend for today: temporarily bullish