Euro Analysis 06-05-2019

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its fifth session retreat in seven sessions from its lowest level since May 30, 2017 against the US dollar on the brink of economic developments and data expected Monday by regional economies The euro and the sluggish economic data at the weekend by the US economy, the world's largest economy.

At 05:08 GMT, the EURUSD rose 0.16% to 1.1189, compared with the opening at 1.1171, after the pair reached a high of 1.1200 and a low of 1.1159. The pair started trading this week on a bearish price gap after closing last week at 1.1198.

The markets are looking ahead to the euro zone's fourth-largest economy to release the Unemployment Change Index, which could reflect a widening of the decline to 85.0K versus 34.0K in March, before the release of the PMI reading for Spain which may appear The spread narrowed to 54.9 versus 56.8 in March.

The third largest economy in the euro area may also see Italy's PMI reading, which may extend to 54.4 versus 53.1 in March, leading to the final reading of the PMI for both France and Germany, which may show the stability of the widening At 50.5 with little change from the previous reading in France last month and against a contraction of 49.1 in March.

And the stability of the widening at 55.6 in Germany, the largest economy of the Boro region compared to 55.4 in March, and may reflect the final reading of the index for the euro area as a whole stability of expansion at 52.5 and 53.3, and this comes before we see the disclosure of the Sintex Consumer Confidence Index for the region as a whole, To 1.1 versus 0.3 in April.

And to the release of retail sales reading for the euro area as a whole, which may show a 0.1% drop from 0.4% in February, while the annualized reading of the same index may show a slowdown in growth to 1.6% versus 2.8%. European Commission President John-Claude Juncker expressed his support for German Central Bank President Fiedman to take over the post of ECB governor, replacing current Governor Mario Draghi.

Technical Analysis

The EUR / USD pair fluctuates around 1.1180, and the price remains below pivotal resistance 1.1243, while SMA 50 is a continuous negative pressure against the price, which encourages us to hold onto our bearish outlook, awaiting a visit to the 1.1100 level.

A break above the mentioned level will push the price directly to 1.1000, while breaching 1.1250 will halt the expected decline and push the price to start intraday intraday recovery attempts.

The trading range for today is expected between 1.1100 and 1.1250 support

The general trend for today is bearish