EUR analysis 24.05.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its second straight session retreat since May 19, 2017 against the US dollar amid tight economic data by Eurozone economies in the last week's session And on the eve of developments and economic data expected Friday by the US economy, the largest economy in the world.

At 04:58 GMT, the EURUSD rose 0.01% to 1.1182, compared to the opening at 1.1181, after the pair reached a high of 1.1185 and a low of 1.1175.

Investors are currently waiting for the US economy to release the Durable Goods Orders, which account for almost half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 2.0% decline versus 2.6% in March. The core reading of the same index shows a slowdown in growth to 0.1% versus 0.3% in March.

Technical Analysis

The EURUSD came just a few pips from our first target in our latest reports at 1.1100 and rebounded to test the pivotal resistance at 1.1180 now, affected by the positive stochastic, noting that SMA 50 continues to pressure the pair negatively, keeping opportunities for resumption The expected bearish trend for the coming period, whose targets extend to 1.1000.

From here, we continue to hold the downside if the price does not push through the 1.1180 and then 1.1255 levels and stability above it.

The trading range for today is expected between 1.1100 and 1.1255 support.

The general trend for today is bearish.