EUR Analysis 28.11.2019

Therefore, we will continue to favor the bearishness over intraday and short term basis unless the price pushes to breach the 1.1065 The single currency fluctuated in a narrow, bullish range during the Asian session, bouncing back to the second session from its lowest since November 14, when it tested the lowest since October 10 against the US dollar on the eve of developments and economic data on Thursday. By the euro-zone economies amid the lack of economic data by the US economy due to the Thanksgiving holiday in the United States.

At 05:45 AM GMT the EURUSD rose 0.07% to 1.1007 levels from the opening levels of 1.0999, the pair's lowest level during the session, while the highest at 1.1011.

Markets are currently looking ahead to the euro zone's largest economy, Germany, to release its preliminary CPI reading, which could reflect a contraction of 0.7% versus 0.1% growth in September, before we see the annual reading of the same indicator for Spain, the region's fourth largest economy, which may It shows that growth accelerated to 0.2% from 0.1% in September.

This comes before we see the release of the annual M3 money supply for the economies of the region as a whole, which may reflect a stable growth of 5.5% during August, in conjunction with the release of the annual reading of the index of private loans for the economies of the euro area as a whole, which may show the accelerated pace of growth. To 3.5% vs. 3.4% in the prior yearly reading for August.

Technical Analysis

EUR / USD is finding a strong support base at 1.0995, which represents the 61.8% Fibonacci retracement of the rise from 1.0879 to 1.1179, while SMA 50 continues to press the price negatively, leaving opportunities to continue falling in the coming period, noting that our next target It is located at 1.0950level and hold with a daily closing above it.

Expected trading range for today is between 1.0930 support and 1.1065 resistance.

Expected trend for today: Bearish.