The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see its rebound for the 8th session in nine sessions from its highest since January 11 amid tight economic data on Monday by Eurozone economies and the US economy. the world.
At 04:30 GMT, the EURUSD dropped 0.03% to 1.1320, compared to the opening at 1.1341 after hitting the lowest level since January 25 at 1.1315, while the highest in the session at 1.1330.
The markets are currently looking for the outcome of the meetings of the Eurogroup in Brussels attended by the President of the Eurogroup and the Ministers of Finance of the member countries of the euro area as well as the Commissioner of Economic and Monetary Affairs and the Governor of the European Central Bank, which discusses many financial issues such as mechanisms to support the euro and government funding.
On the other hand, investors are looking forward to a speech by Fed member and Federal Reserve Governor Michael Bowman at the annual conference of the American Association of Community Bankers in San Diego, coming hours before Federal Reserve Governor Jerome Powell delivered a speech on Tuesday entitled "Economic Development In rural high-poverty communities "at the Hope Foundation's Rural Policy Forum in Mississippi.
Technical Analysis
The EUR / USD pair is trading in quiet negativity to keep near the 1.1300 barriers, so that the negative pressure remains intact over the short and medium term, awaiting further downside targeting 1.1181 as the next major station.
SMA 50 supports the bearish expectations, noting that stability below 1.1390 and 1.1443 is important for the continuation of the expected bearish wave.
The Stochastic is moving in a sideways path within the oversold area and gives a signal for the bullish cross. If this happens, and out of this area, we will likely see a price rally
The trading range for today is expected among 1.1200 support and 1.1400 resistance
Support and resistance:
Support: 1.1300-1.1216-1.1181
Resistance: 1.1386-1.1443-1.1535
The general trend for today is bearish