The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see its fifth session retreat in six sessions from its highest since October 17 against the US dollar on the eve of developments and economic data expected Thursday by Eurozone economies The US economy is the largest economy in the world.
At 4:11 am GMT, the EURUSD dropped 0.06% to 1.1406 compared to the opening at 1.1413 after recording the highest level at 1.1396, while the highest at 1.1415.
The markets are looking for the third largest economy in the eurozone. Italy's trade balance index, which may show a contraction of the surplus to 2.89 billion euros from 3.78 billion euros in October, before we see the eurozone economies as a whole reveal the final annual reading To the consumer price index, which may reflect a slowdown in growth to 1.7% compared to 1.9% in the previous preliminary reading last month.
On the other hand, investors by the US economy, the world's largest industrial nation, are looking to release the Philadelphia Manufacturing Index, which may reflect an expansion to 9.7 versus 9.4 last month, in conjunction with the January 12 reading of the index of claims claims May reflect a rise of 3 thousand applications to 219 thousand applications compared with 216 thousand applications in the previous weekly reading.
Technical Analysis
The EUR / USD pair did not show any strong movement yesterday to keep fluctuating around SMA 50, maintaining its stability below 1.1443. Therefore, the bearish scenario will remain intact, targeting 1.1335 and 1.1181 as next major stations, while Its stability is required below 1.1443.
The trading range for today is expected among 1.1300 support and 1.1443 resistance
Support and resistance:
Support: 1.1386-1.1341-1.1300
Resistance: 1.1443-1.1500-1.1550
The general trend for today is bearish