Euro Analysis 07-05-2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its sixth session retreat in eight sessions from its lowest since May 30, 2017 against the US dollar on the eve of economic developments and data expected Tuesday by the economies of the region The euro and the US economy are the largest economy in the world.

At 05:22 GMT, the EURUSD rose 0.12% to 1.1212 compared to the opening at 1.1199, after reaching the highest level at 1.1214, while reaching a low of 1.1191.

The markets are looking ahead to the German economy's biggest reading of the factory demand index, which could rise 1.6% from 4.2% in February, before France's second-largest economy saw a reading of the trade balance, The deficit widened to 4.5 billion euros from 4.0 billion euros in February, leading to the European Commissioner's economic forecast for the region as a whole.

On the other hand, the markets are currently looking to the US economy for a statistical reading of employment opportunities and job turnover, which may reflect a rise to 7.35 million versus 7.09 million in February, a few hours after the release of labor market data at the end of last week. Showed the lowest unemployment rate in 49 years to 3.6% from the previous March and expectations at 3.8%.

In the same context, we also followed last Friday showed that the index of change in jobs in sectors other than agriculture accelerated the pace of job creation to 263 thousand added jobs compared to 189 thousand jobs added in March, while reading the average income per hour stabilizing the pace of growth at 0.2%, unchanged from March, in contrast to expectations for a faster growth of 0.3%.

Technical Analysis

The narrow range continues to dominate the EUR / USD, which remains steady below 1.1250, keeping our bearish outlook intact for the coming period, supported by the negative pressure formed by SMA 50, with our awaited targets starting at 1.1100 and 1.1000 .

The trading range for today is expected between 1.1100 and 1.1260 support

The general trend for today is bearish