The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its fourth session retreat since December 14 against the US dollar amid tight economic data from the Eurozone economies and on the eve of economic developments and data expected today Tuesday by the US economy, which includes the launch of the meeting of the Federal Committee in Washington.
At 04:56 GMT, the EURUSD rose 0.04% to 1.1432, compared to the opening at 1.1428 after the pair reached a high of 1.1434 and a low of 1.1421.
The markets are currently looking for the US economy to release the consumer confidence index, which may reflect the contraction of the widening to 124.6 vs 128.1 last month, as attention is drawn to the launch of the meeting of the Federal Open Market Committee today and tomorrow Wednesday in Washington, which is expected to be maintained through it On interest rates at between 2.25% and 2.50% and move forward in reducing bond buybacks.
Technical Analysis
The EUR / USD pair continues to fluctuate at 1.1443 pivotal resistance, and after the recent positive trading, the price offers signs of trying to breach the mentioned level and then the upside move, supported by moving above SMA 50.
On the other hand, we see that Stochastic is losing its positive momentum now, which could constitute a negative pressure that will push the price down again.
Therefore, the contradiction between the technical factors makes us prefer to stop the neutrality temporarily, and the price needs to confirm the position for the level of 1.1443 to confirm the next direction more accurately, noting that a break this level will push the price for gains starting at 1.1550 and extends to 1.1705, while failure to penetrate will press On the pair to drop again and head toward the 1.1181 areas in the near term.
The trading range for today is among the key support at 1.1330 and resistance at 1.1530
Support and resistance:
Support: 1.1386-1.1343-1.1300
Resistance: 1.1443-1.1512-1.1583
The expected general trend for today: neutral