The single currency returned to the greenback against the US dollar after we saw its decline in the last session and completed the upward trend started a week ago, before the economic data for today.
Today, in the Asian session, the EURUSD rose 0.31% to 1.1525, compared with the opening at 1.1498, after reaching a high of 1.1529, while reaching a low of 1.1494.
Yesterday, we saw the European Central Bank's bulletin as the minutes of the European Central Bank's December 13-14 meeting on policy published on Thursday showed members saw risks to the current outlook escalate and might require a gradual shift in direction in early 2018.
Last month, the ECB left interest rates on major refinancing and interest rates on sub lending facilities. Deposit facilities did not change at 0.00%, 0.25% and 0.40%, respectively.
It also confirmed that its asset purchase program would halve to 30 billion euros ($ 35.8 billion) a month from January and would continue until the end of September or later if necessary.
"The risks surrounding the outlook for activity have remained broadly balanced with high risk in the near term," the document revealed.
On the other hand, on the US side, we are waiting for the CPI, which is likely to maintain the same reading of 2.2%. The CPI, excluding food and energy, was also released, which is likely to maintain the same reading of 0.2%
Technical Analysis
The day starts with a bullish bias to move away from the 1.1500 level gradually, supporting the chances of resuming the expected bullish trend for the coming period, targeting 1.1705 as a next stop.
SMA 50 continues to support the suggested bullish wave, with a reminder that 1.1500 break will press the price to test the 1.1443 level before any new attempt to rise.
Stochastic is moving in a sideways path within the overbought area with a conservative uptrend
The trading range for today is among the key support at 1.1450 and resistance at 1.1630
Support and resistance:
Support: 1.15000-11443-1.1386
Resistance: 1.1550-11585-1.1630
The general trend for today is bullish