The single currency of the European Union region fluctuated in a narrowly bearish range to reflect its rebound for the sixth session in eight sessions from its highest since October 17 against the US dollar on the brink of developments and economic data expected Tuesday by the Eurozone economies and the US economy. World economy.
At 05:05 GMT, the EURUSD dropped 0.07% to 1.1357, compared with the opening at 1.1365 after the pair reached a low of 1.156 and a high of 1.1373.
The markets are now looking for a ZEW economic sentiment survey for January on the German economy, the largest economy in the euro area and the economies of the euro zone as a whole, which may reflect the widening decline in Germany to 18.8 versus 17.5 last December, while The same reading for the economies of the region as a whole may show a decline to 20.1 versus 21.0 in December.
On the other hand, investors are looking for the US economy to release data on the housing market with the release of the existing home sales index, which may reflect a decline of 1.5% to 5.24 million one against 1.9% rise at 5.32 million in November last, The partial closure of the federal government in its fifth consecutive week to reflect the longest partial closure of the federal government in American history.
Technical Analysis
The EUR / USD pair did not show any strong movement yesterday to continue to fluctuate with the support of the ascending channel which is currently at 1.1350. Therefore, there is no change in the bearishness scenario which depends on stability below 1.1443, supported by negative pressure formed by SMA 50, That our next target extends to 1.1181.
Stochastic entry into the oversold territory will increase negative pressure on the price and thus push it further down
The trading range for today is expected among 1.1270 support and 1.1400 resistance
Support and resistance:
Support: 1.1341-1.1300-1.1211
Resistance: 1.1386-1.1443-1.1512
The general trend for today is bearish