The single currency of the European Union region rose during the Asian session, its highest since Dec. 21 against the US dollar on the eve of economic developments and data expected on Friday by the largest economies of the euro zone Germany and the US economy, the largest economy in the world.
At 5:20 am GMT, the EURUSD rose 0.21% to 1.1454, compared to the opening at 1.1430, after reaching a week high of 1.1467, while the lowest level at 1.1428.
Investors are currently looking for the German economy to release inflation data with the release of the CPI's preliminary reading for the month which could reflect a rapid growth to 0.3% from 0.1% in November, while the annualized index of the same index may show a slowdown to 1.9 Compared to 2.3% in the previous annual reading for the month of November.
On the other hand, markets are looking ahead to the Chicago PMI reading, which may reflect a contraction of the 61.4 versus 66.4 in November before we see housing market data released with the release of new home sales Which could reflect a 0.9% rise versus a 2.6% fall in October.
Technical Analysis
The EURUSD ended yesterday's trading below 1.1443, but it starts higher today to breach this level and move above it, which requires attention from the next trading as the price stability above this level will stop the negative scenario suggested in our recent reports and push the price for gains starting at 1.1550 and extends to 1.1705.
Now, we would prefer to remain neutral for the day to close the 1.1443 level, noting that trading below it will reactivate the bearish scenario targeting 1.1300 initially.
The trading range for today is expected among 1.1350 support and 1.1550 resistance
Support Resistance:
Support: 1.1341-1.1300-1.1200
Resistance: 1.1443-1.1500-1.1550
The expected general trend for today: neutral