EURUSD Analysis 24.04.2019

The single currency of the European Union region fell during the Asian session against the US dollar on the eve of economic developments and data expected on Wednesday by the euro zone economies and amid the lack of economic data by the US economy, the world's largest economy.

At 04:21 GMT, the EURUSD dropped 0.04% to 1.1252, compared to the opening at 1.1257, after the pair hit a session low of 1.1245, while reaching a high of 1.1261.

Markets in the German economy, the largest economy in the euro zone, are expecting the IFO Business Climate Index to rise to 99.9 from 99.6 in March, and the same indicator of expectations may show a widening of 96.0 versus 95.6, The reading of the same indicator of current assessments shrank to 103.6 versus 103.8 in March, to reveal the ECB's monthly report.

Technical analysis:

The EURUSD extended negative trading yesterday to test the pivotal support 1.1180, which is one of the keys to the next trend along with resistance 1.1255, and as noted in our recent reports, the price needs to break through one of these levels to define its next targets more precisely, making us continue to neutralize so far .

The contrast between positive Stochastic and SMA 50 offers another reason for neutrality, noting that the continuation of the negative pressure and the break of 1.1180 will push the pair to resume the bearish trend in the short and medium term to target 1.1100 as a next stop, while breaching 1.1255 will lead the price to start recovery attempts and instantaneous gains It starts at 1.1335 and extends to 1.1443.

The trading range for today is expected among the 1.1120 support and the 1.1300 resistance

The expected general trend for today: neutral