The single currency of the European Union region fluctuated in a narrow upward range during the Asian session against the US dollar on the eve of economic developments and data expected Monday by the Euro-zone economies and amid a lack of economic data earlier this week by the US economy, the world's largest economy. The partial closure of the federal government in its fourth week in a row.
At 5:34 am GMT, the EURUSD rose 0.06% to 1.1476 compared to the opening at 1.1463 after the pair hit a session high of 1.1478 and a low of 1.1442.
The markets are currently looking for Germany's largest economy to detect the wholesale price index, which may reflect the acceleration of growth to 0.3% versus 0.2% in November, before we see the Euro-Zone economy as a whole reading the industrial production index which Growth may also accelerate to 0.3% versus 0.2% in October, just hours before European Central Bank Governor Mario Draghi reported on the ECB's annual report to the European Parliament.
Technical Analysis
EUR / USD is trading near the pivotal support 1.1443 and the price remains stable above this level so far, noting that the price meets this level to add more strength to it, keeping the bullish scenario in place so far, relying on stability above the mentioned level , Awaiting targets targeting 1.1550 and 1.1705 as next stops.
Keep in mind that breaking 1.1443 will halt the expected rally and press the price to achieve negative targets starting at 1.1320 and extending to 1.1181.
The moving averages support the bullish trend as the moving average 7 moves below the price level and gives it support for the upside while the rest of the 20-50 averages are in perfect order for the upside movement.
The trading range for today is expected among 1.1400 support and 1.1550 resistance
Support and resistance:
Support: 1.1443-1.1386-1.1341
Resistance: 1.1500-1.1550-1.1585
The general trend for today is bullish