Analysis of EUR 08-05-2019

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its sixth session rebound in nine sessions from its lowest level since May 30 of 2017 against the US dollar on the eve of developments and economic data expected Wednesday by Eurozone economies The Deputy Governor of the Federal Reserve and a member of the Federal Open Market Committee of Ireland's Ely Bernhard.

At 05:25 am GMT, the EURUSD rose 0.12% to 1.1204 compared to the opening at 1.1191, after the pair reached a high of 1.1207 and a low of 1.1189.

The markets are currently looking ahead to Germany's biggest economy for the seasonally adjusted Industrial Production Index, which could reflect a 0.5% drop from 0.7% in February, while the annual reading may show a 2.7% drop to 0.4%. To see the ECB's monetary policy meeting.

On the other hand, markets are currently waiting for Federal Open Market Committee member Brendard to speak at a community hearing hosted by the Richmond Fed, one week after the Fed decided to keep rates between 2.25% and 2.50% , And to press ahead with a reduction in bond buybacks before they are frozen by September.

Technical Analysis

The EURUSD continues to fluctuate around the 1.1200 level, and some slight bearishness is now appearing, awaiting further downside to the 1.1100 target, which is our primary target, to keep the downside move likely over the next sessions provided stability below 1.1250.

SMA 50 continues to support the suggested bearish wave, noting that exceeding the target will push the price towards 1.1000 as the next major station.

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

The general trend for today is bearish