EUR Analysis 21.08.2019

The single currency of the European Union fluctuated in a narrow range tilted to decline during the Asian session to witness the bounce for the eighth session in twelve sessions against the US dollar amid the lack of economic data from the euro zone economies and on the eve of developments and economic data expected Wednesday by the US economy largest economy In the world.

At 05:19 am GMT the EURUSD fell 0.06% to 1.1093 levels from the opening at 1.1100, after hitting a session low of 1.1091 and a high of 1.1105.

Investors in the US economy are awaiting the release of the housing market data with the release of the Existing Home Sales which may show a 2.5% rise to 5.41 million homes versus a 1.7% decline at 5.27 million homes in June. The minutes of the FOMC meeting were held at the end of last July.

By tomorrow, we look forward to the launch of the Jackson Hole Economic Policy Symposium at the Kansas City Federal Reserve, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Jerome Powell under the title "Monetary Policy Challenges" during the seminar.

Technical Analysis

EURUSD has not shown any strong movement in the past sessions, continuing to fluctuate around the 1.1100 level, thus, there is no change in the bearish trend scenario, whose next target is located at 1.1000, supported by SMA 50, which negatively presses the price, while recalling that stability below 1.1180 This is an important condition for the continuation of the expected decline.

Expected trading range for today is between 1.1000 support and 1.1150 resistance.

Expected trend for today: Bearish.