EUR Analysis 18.11.2019

The single currency fluctuated in a narrow, bullish range during the Asian session to rebound for the third consecutive session from the lowest since October 10 against the US dollar on the eve of the release of the German central bank's monthly report and developments and economic data expected on Monday before The US economy is the largest in the world.

At 05:07 AM GMT the EURUSD rose 0.08% to 1.1061 levels from the opening levels of 1.1052, after hitting a session high of 1.1065 and a low of 1.1048.

Investors in the US economy are awaiting the release of the housing market data with the release of the housing index by the National Association of Home Builders, which may reflect stability at 71 in November. This comes before we will see tomorrow the release of both housing starts and a statement. Construction and amid expectations of shrinking building permits and the rise of homes started construction during October.

Technical Analysis

EUR / USD is showing more bullish bias to reach the most important resistance level at 1.1065, which is indicative of the price attempting to regain the bullish trend and stop the bearish correction that dominated recent trading, supported by moving above SMA 50, but in contrast, the negative effect remains The double top pattern is effective, along with clear overbought signs through Stochastic.

Therefore, this inconsistency between technical factors makes us prefer to remain neutral until we get a clearer signal for the next trend, noting that breaching 1.1065 then 1.1105 will lead the price to achieve further gains and head towards areas up to 1.1280, while a break of 1.0995 will put pressure on the price. To the downside towards 1.0950 then 1.0880 as the next negative targets.

Expected trading range for today is between 1.0970 support and 1.1150 resistance.

Expected trend for today: Neutral.