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The single currency of the European Union has fluctuated in a narrow range, tilted lower during the Asian session to witness the rebound for the second consecutive session since August 14 against the US dollar on the eve of developments and economic data expected on Tuesday by the largest economies of the euro zone Germany and the economy American largest economy in the world.

At 04:51 AM GMT, EUR / USD fell 0.03% to 1.1099 levels compared to the opening at 1.1102, after the pair reached its lowest level during the session at 1.1098, while the highest level at 1.1107.

The German economy is currently looking to reveal the final Q2 GDP reading, which could reflect the stability of the largest contraction of the euro zone's economy at 0.1%, unchanged from the previous initial reading and against 0.4% growth in the first quarter, as the annualized reading of the index shows. Growth is stable at 0.4%, and the seasonally adjusted annual reading of the index may show stability at zero levels.

On the other hand, investors are currently awaiting the US economy to release housing market data with the release of the house price index, which may reflect the acceleration of the pace of growth in June to 0.2% compared to 0.1% in May, while the reading of the same indicator may show For the second quarter, the pace of growth slowed to 0.2% from 0.1% in the first fourth.

This comes in conjunction with the release of the S&P House Price Index, which may show the pace of growth accelerated to 2.5% vs. 2.4% last May, and before we see the release of the Consumer Confidence reading which may show a widening of the expansion to 129.3 vs. 135.7 Last July, coinciding with the release of the Richmond Manufacturing Index, which may show contraction shrank to 2 vs. 12 in July.

Technical Analysis

EUR / USD has provided negative trading to settle at 1.1100 once again, reinforcing expectations for the continuation of the bearish trend over the coming period, supported by negative pressure formed by SMA 50, and Stochastic is gradually losing its positive momentum, waiting for further decline today.

Our next target is at 1.1000, noting that the continuation of the suggested bearish wave requires stability below 1.1180.

Expected trading range for today is between 1.1000 support and 1.1180 resistance.

Expected trend for today: Bearish.

The single currency of the European Union has fluctuated in a narrow range, tilted lower during the Asian session to witness the rebound for the second consecutive session since August 14 against the US dollar on the eve of developments and economic data expected on Tuesday by the largest economies of the euro zone Germany and the economy American largest economy in the world.

At 04:51 AM GMT, EUR / USD fell 0.03% to 1.1099 levels compared to the opening at 1.1102, after the pair reached its lowest level during the session at 1.1098, while the highest level at 1.1107.

The German economy is currently looking to reveal the final Q2 GDP reading, which could reflect the stability of the largest contraction of the euro zone's economy at 0.1%, unchanged from the previous initial reading and against 0.4% growth in the first quarter, as the annualized reading of the index shows. Growth is stable at 0.4%, and the seasonally adjusted annual reading of the index may show stability at zero levels.

On the other hand, investors are currently awaiting the US economy to release housing market data with the release of the house price index, which may reflect the acceleration of the pace of growth in June to 0.2% compared to 0.1% in May, while the reading of the same indicator may show For the second quarter, the pace of growth slowed to 0.2% from 0.1% in the first fourth.

This comes in conjunction with the release of the S&P House Price Index, which may show the pace of growth accelerated to 2.5% vs. 2.4% last May, and before we see the release of the Consumer Confidence reading which may show a widening of the expansion to 129.3 vs. 135.7 Last July, coinciding with the release of the Richmond Manufacturing Index, which may show contraction shrank to 2 vs. 12 in July.

Technical Analysis

EUR / USD has provided negative trading to settle at 1.1100 once again, reinforcing expectations for the continuation of the bearish trend over the coming period, supported by negative pressure formed by SMA 50, and Stochastic is gradually losing its positive momentum, waiting for further decline today.

Our next target is at 1.1000, noting that the continuation of the suggested bearish wave requires stability below 1.1180.

Expected trading range for today is between 1.1000 support and 1.1180 resistance.

Expected trend for today: Bearish.

 Google shares emerged from the falling channel, which was trading with the closure of last week and tried yesterday to return to it.

SMA 50 formed a support level and stopped the price decline while SMA 20 formed a support level near the 38.2 Fibonacci retracement level.

The Stochastic is in a bearish move which signals the possibility of the price returning to test the support.

The general direction of the movement: a downtrend.

The US dollar fell during the Asian session to witness a rebound for the second session in three sessions from its highest since August 15 against the Japanese yen following the developments and economic data that followed from the Japanese economy, the world's third largest economy and on the eve of developments and economic data expected on Tuesday before The US economy is the largest in the world.

At 06:12 am GMT, the USDJPY fell 0.42% to 105.67 levels compared to the opening levels at 106.13, after the pair reached its lowest level during the session at 105.65, while the highest level at 106.18.

The Japanese economy followed the release of the annual Services Price Index which showed growth slowed to 0.5% vs. 0.7% in the previous month of June, worse than expectations of 0.5%. This came before we saw the release of inflation data with the release of the reading. The core annual CPI figure, which showed growth steady at 0.6%, little changed from June, is in line with expectations.

On the other hand, investors are currently awaiting the US economy to release housing market data with the release of the house price index, which may reflect the acceleration of the pace of growth in June to 0.2% compared to 0.1% in May, while the reading of the same indicator may show For the second quarter, the pace of growth slowed to 0.2% from 0.1% in the first fourth.

This comes in conjunction with the release of the S&P House Price Index, which may show the pace of growth accelerated to 2.5% vs. 2.4% last May, and before we see the release of the Consumer Confidence reading which may show a widening of the expansion to 129.3 vs. 135.7 Last July, coinciding with the release of the Richmond Manufacturing Index, which may show contraction shrank to 2 vs. 12 in July.

Technical Analysis

The USDJPY provided significant positive trading yesterday but stopped at SMA 50, which formed a good resistance barrier against the price, to start bouncing down with the opening of today's trading, which keeps the main bearish scenario valid so far, supported by stochastic negativity, waiting to exceed The level of 105.05 opens the way for the next target towards 104.00.

The continuation of the suggested bearish wave requires stability below 106.70.

Expected trading range for today is between 104.80 support and 106.20 resistance.

Expected trend for today: Bearish.

USDJPY

The pair is trading flat amid uncertainty over the resuming of US-China trade talks. This factor will increase the demand for defensive assets, including the JPY. 

The price is below the middle Bollinger band, below SMA 5 and SMA 14. Moving Averages suggest selling. RSI is below 50% and declining. Stoch are also falling

Trade recommendations: 
If the price falls below 105.60, it may go further down to 104.00.

USDJPY

The pair dropped sharply in the Asian trading session amid the escalation of the US-China trade war. It can partially recover after the strong drop, but as long as only negative factors remain, it’s likely continue falling.

The price is below the middle Bollinger band, above the SMA 5, but below the SMA 14. RSI has left the oversold area and growing steadily. Stoch also turned up.

Trade recommendations:

There is a possibility of local recovery of the pair to 106.65 while it is above 105.15. It is possible to sell the pair at its growth from 106.65 amid the continuing negativity in the markets, or at its drop below 105.15 with a local target of 104.00.

The stock fell over the bottom of the ascending channel and reached support at 1752.04. He bounced it up.

The price has moved below the 20 and 50 moving averages that have turned into price resistance levels and are pushing it down and testing the support 1665.45.

Stochastic formed a bearish cross and started moving towards the oversold area thus likely

Re-test support again.

The expected movement between 1664.45 support and 1885.00 resistance

The general trend of the movement: bearish.

The US dollar fluctuated in a narrow range upward during the Asian session to witness the bounce for the sixth session in ten sessions from the lowest since January 3 against the Japanese yen following the developments and economic data that followed from the Japanese economy and on the eve of developments and economic data expected on Friday from Before the US economy, which includes Fed Governor Jerome Powell's speech during the economic policy seminar Jackson Hole at the Kansas City Fed.

At 05:51 AM GMT, the USDJPY rose 0.17% to 106.62 levels from 106.44 opening levels, after hitting a session high of 106.65 and a low of 106.40.

This was followed by the Japanese economy, the third largest economy in the world revealed inflation data for the month of July with the release of the annual reading of the national consumer price index, which showed a slowdown in the pace of growth to 0.5% compared to 0.7% in the previous annual reading for last June, worse than Expectations that the pace of growth will slow to 0.6%.

In the same context, the annual reading of the national consumer price index excluding fresh food showed that the pace of growth stabilized at 0.6%, little changed from the previous annual reading in June, in line with expectations, while the annual reading of the same index showed the exception Including energy and fresh food, the pace of growth accelerated to 0.6% compared to the previous annual reading and expectations of 0.5%.

On the other hand, investors are awaiting the US economy to release housing market data from the release of the New Home Sales which may reflect a decline of 0.2% to 645K versus a rise of 7.0% at 646K last June, in conjunction with a conservative speech. Federal Reserve Jerome Powell titled “Monetary Policy Challenges” during the Jackson Hole Symposium.

This comes hours after last Wednesday's release of the minutes of the Federal Open Market Committee meeting held on July 30-31, in which it was acknowledged to cut interest rates on federal funds for the first time in more than a decade by 25 basis points to between 2.00% and 2.25%, which was in line with expectations at the time, with the view that the reduction came to support the pace of growth and combating the weakness of inflation in the shadows of trade protectionism.

Technical Analysis

USDJPY is trading sideways and stabilizing near 106.70, as long as the price is below this level, our bearish outlook will remain valid as a breach through this level will push the pair to make further bullish correction, where the next targets reach 107.70, while the targets of the bearish wave begin. Expected to break 106.06 to confirm the trend towards 105.05 as the next stop.

Expected trading range for today is between 105.70 support and 107.00 resistance.

Expected trend for today: Bearish.

Gold futures fluctuated in a narrow range tilted lower during the Asian session to witness the bounce for the sixth session in nine sessions from the highest since April 12, 2013 amid the US dollar index rose according to the inverse relationship between them on the eve of developments and economic data expected on Friday By the US economy, the largest economy in the world which includes the proceedings of the economic policy seminar Jackson Hole and the upcoming talk of Fed Governor Jerome Powell.

Gold futures for December 15 delivery fell 0.32% to currently trade at $ 1494.40 an ounce compared to the opening at $ 1498.50 an ounce, amid the US dollar index rose 0.15% to 98.33 compared to the opening at 98.19.

Investors are currently awaiting the US economy to release the housing market data from the release of the New Home Sales which may reflect a decline of 0.2% to 645K versus a rise of 7.0% at 646K in June, in conjunction with the speech of the Federal Reserve Governor. Jerome Powell under the title "Challenges of Monetary Policy" during the proceedings of the Jackson Hole Symposium.

The Jackson Hole Economic Policy Symposium, attended by global central bankers and finance ministers as well as academics and financial market participants from all over the world at the Kansas City Federal Reserve, is entering its second consecutive day and will end on Saturday with the third day. 

This came hours after the release of the minutes of the FOMC meeting held on July 30-31 and was then approved by the Federal Reserve for the first time in more than a decade by 25 basis points. 2.00% and 2.25%, which was in line with expectations, with the statement that the reduction came to support the pace of growth and combat the weakness of inflation in the shadows of trade protectionism.

Technical Analysis

Gold was unable to hold above 1503.24, trading negatively and heading towards a potential test of 1483.60, affected by the negative pressure of SMA 50.

Therefore, the bearish bias is likely for today, noting that the expected decline is temporary unless breaking the 1483.60 level and then extending the downside corrective wave to reach 1467.75 as the next negative stop, taking into consideration that breaching 1503.24 and holding above it will stop the suggested negative scenario and push the price. To resume the main bullish trend again.

Expected trading range for today is between 1483.60 support and 1510.00 resistance.

Expected trend for today: Temporarily bearish.

The single currency of the European Union (EU) has fluctuated in a narrow, bearish range during the Asian session to see its lowest since early August, when it tested its lowest since 16 May 2017 against the US dollar amid tight economic data from the region's economies. The euro is on the cusp of the economic developments and data expected on Friday by the US economy, the largest economy in the world.

At 04:41 am GMT the EURUSD fell 0.13% to 1.1066 levels from the opening at 1.1080, after hitting a three-week low of 1.1061, while hitting a session high of 1.1086.

Investors are currently awaiting the US economy to release housing data from the release of the New Home Sales which may reflect a 0.2% decline to 645K versus a 7.0% rise of 646K in June, in conjunction with the Federal Reserve Governor. Jerome Powell under the title "Challenges of Monetary Policy" during the proceedings of the Jackson Hole Symposium.

This comes hours after last Wednesday's release of the minutes of the Federal Open Market Committee meeting held on July 30-31, in which it was acknowledged to cut interest rates on federal funds for the first time in more than a decade by 25 basis points to between 2.00% and 2.25%, which was in line with expectations at the time, with the view that the reduction came to support the pace of growth and combating the weakness of inflation in the shadows of trade protectionism.

Technical Analysis

The EURUSD is showing more narrow range trading, still below the 1.1100 barrier, thus, no change to the expected bearish intraday and short term scenario, which continues to be supported by SMA 50, awaiting a visit of 1.1000 as the next major stop. Remind the importance of stability below 1.1180 to continue the expected decline.

Expected trading range for today is between 1.0980 support and 1.1140 resistance.

Expected trend for today: Bearish.