EURUSD Analysis 23.04.2019

The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session against the US dollar on the eve of economic developments and data expected on Tuesday by the Eurozone economies and the US economy, the world's largest economy.

At 04:21 GMT, the EURUSD dropped 0.04% to 1.1252, compared to the opening at 1.1257, after the pair hit a session low of 1.1245 while reaching a high of 1.1261.

Investors are currently eyeing the economy of the euro-zone as a whole to release the consumer confidence index, which may reflect a deflationary stability of about 7 unchanged from last March, before we see the US economy disclosing housing market data With the reading of the house price index, which may reflect a stable growth of 0.4%, unchanged from January.

This comes before the world's largest economy is also seeing a reading of the new home sales index, which could show a 3.0% drop to 647,000 homes versus a 4.9% rise at 667,000 in February, as the Chicago Purchasing Managers Index Which may show the stability of the spread at a value of 10 unchanged from what it was in March.

Technical analysis:

The EUR / USD pair continues to fluctuate around 1.1255, and trading is still weak overall, which keeps us neutral until the price confirms the breach of one of the keys to the next direction of support 1.1180 and resistance 1.1255, noting that the contrast between the positive stochastic and negative moving average 50 offers another reason for impartiality.

We will note that breaching the above-mentioned resistance will push the price to instantaneous gains starting at 1.1345 and extending to 1.1443 while breaching the support will press the price to resume the main downside move with the next key target at 1.1100.

The trading range for today is expected among the key support at 1.1160 and resistance at 1.1345

The expected general trend for today: neutral