The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to reflect its rebound to its second-lowest session since December 14 against the US dollar on the eve of developments and economic data expected Friday by the largest eurozone economies Germany and Central The lack of economic data by the US economy is the largest economy in the world.
At 04:58 GMT, the EURUSD rose 0.15% to 1.1321, compared to the opening at 1.1304 after the pair reached a high of 1.1327 and a low of 1.1301.
The markets are currently looking for the German economy to reveal the IFO Business Climate Index, which may reflect a contraction of 100.7 versus 101.0 in December. The same indicator of expectations may show a widening of 97.0 versus 97.3 last month, And the reading of the same indicator for the current assessments may show a widening of the gap to 104.2 versus 104.7.
This comes hours after the end of the ECB meeting, which kept the European Central Bank monetary policymakers at interest rates at current zero levels and in response to ECB decisions, European Central Bank Governor Mario Draghi noted that there are pressures on the economy from external factors including war Trade between Washington and Beijing and fluctuations in emerging markets.
Technical Analysis
EURUSD succeeded in breaching the support of the ascending channel after ending yesterday's trading below it, reinforcing the expectations for the continuation of the decline over the short term and intraday basis, noting that our next target is at 1.1181.
SMA 50 continues to press negatively on the price, to continue with the bearish bias that requires stability below 1.1443.
The Stochastic is floating near the oversold area, boosting the downside if the index is able to enter the region
The trading range for today is expected among the 1.1220 support and 1.1400 resistance
Support and resistance:
Support: 1.1300-1.1211-1.1181
Resistance: 1.1341-1.1386-1.1400
The general trend for today is bearish