EUR analysis 23.07.2019

The single currency of the European Union (EU) region fell during the Asian session, its lowest since June 19 against the US dollar amid a lack of economic data by Euro-zone economies and on the eve of economic developments and data expected Tuesday by the US economy, the world's largest economy.

At 04:45 GMT, the pair fell 0.17% to 1.1190, the pair's lowest level in five weeks and during the session compared to the opening at 1.1209, while the pair reached a high of 1.1210.

US investors are eyeing the release of housing market data with the Home Price Index reading, which may reflect slowing growth to 0.3% versus 0.4% in April before we see the Existing Home Sales Index showing a rise of 2.5%. To 5.35 million homes, down 0.1% from 5.34 million in May and coinciding with the Richmond Industrial Average reading, which could widen to 5 to 3 in June.

Technical Analysis

The EUR / USD pair is trading negatively today to support the sideways side of the picture, which signals bearishness over the coming sessions, but we need to break the 1.1180 level to confirm the continuation of the bearish trend and then head towards 1.1100 as the next negative stop..

Therefore, we will continue to push the sideways movement until the price confirms the breach of support 1.1180 or break the resistance 1.1290, while remembering that breaching this resistance will lead the price for gains starting at 1.1350 then 1.1443.

The trading range for today is expected between 1.1100 and 1.1270 support

Today's general trend: sideways.