EUR analysis 24.07.2019

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session, its lowest since late May against the US dollar on the eve of developments and economic data expected Wednesday by Eurozone economies and the US economy, the largest economy in the world. Concern about Britain's exit from the EU.

At 04:59 GMT, the EURUSD dropped 0.07% to 1.1144, compared to the opening at 1.1152, after reaching a two-month low of 1.1143, while reaching a high of 1.1156.

The markets are currently looking for both the French and German economies and the economies of the region as a whole. The initial reading of the Markit Index for Industrial and Service Purchasing Managers for the month, which may reflect the contraction of the service and industrial sector in France, the contraction of the service sector and contraction of the industrial sector in Germany, The expansion of the service sector and the stability of industrial contraction in the economies of the region as a whole.

This comes in conjunction with the release of the annual reading of the Euro-Zone Monetary Presentation for Euro-Zone economies as a whole, which may reflect a slower growth rate of 4.6% versus 4.8% in May, and the annual reading of the Special Loan Index also for economies in the region as a whole, Growth to 3.2% compared to 3.3% in the previous annual reading for May.

On the other hand, investors are anticipating the initial reading of the Industrial and Service PMI Index from the United States, amid expectations that the industrial and service sector will expand to 50.9 and 51.6 versus 50.6 and 51.5 in June, before we see market data Housing with the reading of the new home sales index, which may reflect a rise of 5.1% to 659 thousand versus a decline of 7.8% at 626 thousand in May.

Technical Analysis

EURUSD managed to confirm the breach of 1.1180 after closing the daily candlestick below it to open the way for the continuation of the bearish wave in the short and medium term, where the mentioned level represents 61.8% Fibonacci retracement of the entire measured height from 1.0333 to 1.2553, Is open for further decline in the coming period.

Our next major targets start at 1.1100 and extend to 1.1000, while stability below 1.1180 is an important requirement to achieve.

The trading range for today is expected between 1.1050 and 1.1200 support

The general trend for today is bearish.