EUR Analysis 15.10.2019

The single currency of the European Union fluctuated in a narrow range upward during the Asian session to witness the bounce for the eighth session in eleven sessions of the lowest since May 12 of 2017 against the US dollar on the eve of developments and economic data expected on Tuesday by the economies of the region The Euro and the upcoming speech of the members of the Federal Open Market Committee.

At 06:02 AM GMT the EURUSD rose 0.06% to 1.1033 levels compared to the opening at 1.1027, after the pair reached its highest level during the session at 1.1035, while the pair achieved the lowest at 1.1022.

Markets for the euro zone's second largest economy, France, are awaiting the final CPI reading, which could reflect a stable contraction of 0.3%, unchanged from the prior September reading and a 0.5% growth in August, before a statistical reading was released. The ZEW economic sentiment index for both Germany and the Eurozone economies as a whole may reflect the widening contraction in Germany and the region as a whole to 27.0 and 26.7 versus 22.5 and 22.4 respectively in September.

On the other hand, investors await the FOMC members, Kansas City Federal Reserve Chairman Esther George, who will talk about US payment systems at the event hosted by the Federal Reserve Bank of Chicago, before witnessing the dumping of St. Louis Fed President James. `` Federal Reserve Monetary Policy Option '' at the 2019 Monetary and Financial Policy Conference in London.

Technical Analysis

The EURUSD has been trading around the 1.1030 level since yesterday, holding steady above the breached resistance of the descending channel, while the Stochastic is approaching a positive indication over the four-hour time frame.

Therefore, the bullish scenario will remain valid for the coming period, based on stability above 1.0985, noting that we are waiting to visit 1.1180 as the next major stop.

Expected trading range for today is between 1.0950 support and 1.1120 resistance.

Expected trend for today: Bullish.