EUR analysis 08.08.2019

The euro-zone single currency fluctuated in a narrow, bullish range during the Asian session, bouncing back to its fifth session in six of its lowest since May 16, 2017 against the US dollar on the eve of the ECB's monthly ECB release. In addition to the developments and economic data expected on Thursday by the US economy, the largest economy in the world.

At 05:13 am GMT the EURUSD rose 0.10% to 1.1210 levels compared to the opening at 1.1199, after the pair reached its highest level during the session at 1.1214, while the lowest level at 1.1197.

Investors are currently awaiting the US economy's release of the claims report for the week ending August 3, which may reflect stability at 215K, unchanged from the previous weekly reading, before we see the final reading of the wholesale inventory index, which may show stability Growth at 0.2%, little changed from the initial reading for June and against 0.4% in May.

Technical Analysis

There was no strong movement yesterday, and it continues to fluctuate around SMA 50, and since the price is above 1.1180, our bullish outlook will remain intact, as a break will press the pair down and head towards 1.1000 as the first negative stop, while the main targets of the suggested upside wave begin. At 1.1350 then 1.1443.

Expected trading range for today is between 1.1140 support and 1.1300 resistance

Expected trend for today: Bullish.