EURUSD Analysis 13.05.2019

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 earlier this week by Eurozone economies and the US economy, the world's largest economy. 

At 04:56 GMT, the EURUSD fell 0.09% to 1.1229, compared to the opening at 1.1238, after reaching the lowest level at 1.1228, while reaching a high of 1.1242, Ended last week at 1.1233 before opening this week on a bullish price gap. 

Investors are looking forward to the opening remarks by Federal Reserve Vice Governor and Federal Open Market Committee member Richard Clarda at the event hosted by the Federal Reserve Bank. Otherwise, we followed last Friday, US Commerce Secretary Wilbur Ross reported that the US administration's decision on tariffs on European cars Will be announced on 18 May. 

The EUR / USD pair continues to test the resistance at 1.1250 and maintains its stability below it. SMA 50 supports the strength of this resistance, while Stochastic is approaching the oversold areas. 

  Therefore, these factors encourage us to continue with the bearishness for the coming period, targeting 1.1180 then 1.1100 initially, while the breach of 1.1250 is the key to the start of recovery attempts reaching its key targets to 1.1443. 

  The trading range for today is among the key support at 1.1140 and resistance at 1.1280 

  The general trend for today is bearish