EURUSD Analysis 22.04.2019

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session against the US dollar amid a lack of economic data from the Eurozone economies as it was absent due to the Easter holiday in most of the world countries and on the eve of economic developments and data expected Monday by the US economy The world's largest economy.

At 04:35 GMT, the EURUSD fell 0.06% to 1.1238, compared with the opening at 1.1244, after reaching a low of 1.1236, while reaching a high of 1.1250.

Investors are currently waiting for the US economy to release housing data as the Existing Home Sales Index, which may reflect a decline of 3.7% to 5.31 million, versus 11.8% at 5.51 million homes in February. Initial US GDP reading for the first quarter by the end of this week.

Technical analysis:

The major currency pairs are fluctuating on narrow tracks affected by the financial markets holiday, keeping the suggested scenarios in our last Friday's reports intact.

EUR/USD traded below 1.1243 after negative pressure. SMA 50 formed a strong resistance to the price, which may push the price to test the pivotal support at 1.1180, but we note that Stochastic is shedding its positive momentum in a signal to obtain a positive factor May push the price to recover again.

Therefore, we prefer to stop on the neutral until we get a clearer signal for the next direction, which we will get through breaking support 1.1180 or break resistance 1.1243, noting that the breach of this resistance will reactivate the scenario of the temporary upward trend targeting 1.1350 and 1.1443 mainly, while breaking the support will press the price to continue the bearish trend in the short and medium term, to turn towards 1.1100 as a next negative station.

The trading range for today is among the key support at 1.1160 and resistance at 1.1330.