EUR fluctuated in a narrow upward range during the Asian session, its highest since January 15 against the US dollar on the eve of developments and economic data expected Monday by the Euro-Zone economies and amid a lack of economic data by the economy American meeting earlier this week with the Federal Open Market Committee meeting.
At 4:33 am GMT, the EURUSD rose 0.16% to 1.1424 compared to the opening at 1.1406 after the pair hit a two-week high of 1.1426, while the session's low was at 1.1400.
The markets are now looking at the Eurozone economies as a whole for the annual reading of the money supply M-3 and private loans, which may reflect the acceleration of growth in money supply and private loans to 3.8% compared to 3.7% and to 3.4% compared to 3.3% in the previous annual reading of the month in October Last November, before we see ECB President Mario Draghi's testimony to the economy and monetary policy before the European Parliament's Economic and Monetary Affairs Committee in Brussels.
Elsewhere, markets are looking for the outcome of the FOMC meeting in Washington on 29-30 of this month amid expectations that the committee, led by Federal Reserve Governor Jerome Powell, will remain on the federal funds rate between 2.25% and 2.50% Raised four times last year, as the move to cut back on government bond purchases and mortgage bonds by $ 50 billion a month.
Technical Analysis
The EUR / USD pair continues to rise gradually to the pivotal resistance 1.1443, supported by the stochastic approaching the overbought areas, is expected to lose the bullish momentum at 1.1443 resistance to form a negative pressure awaiting the price to drop again as the main bearish scenario Standing firmly below the mentioned resistance, with the reminder that our next main target extends to 1.1181.
Keep in mind that a break of 1.1443 and stability above it will stop the expected decline and lead the price for gains starting at 1.1550 and extending to 1.1705.
The trading range for today is expected among 1.1300 support and 1.1515 resistance
Support and Resistance:
Support: 1.1386-1.1341-1.1300
Resistance: 1.1443-1.1515-1.1550
The general trend for today is bearish