The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound to its second-lowest session since November 13 against the US dollar on the eve of developments and economic data expected on Monday by the biggest eurozone economies. The US market was absent earlier this week due to the Presidents' Day holiday in the United States.
At 05:18 GMT, the EURUSD rose 0.15% to 1.1313 compared to the opening at 1.1294, after reaching a high of 1.1325, while reaching a low of 1.1283.
Meanwhile, the European Central Bank (ECB) member Benoit Koir expressed the view that the economic slowdown seems to be larger and deeper than expectations and that the European Central Bank should ensure that the European Central Bank Long-term refinancing serves its intended purpose, noting that the pace of growth of inflationary pressures will be lower than expected.
In the same vein, Cower noted that the Bank of England was working intensively to plan the UK exit from the EU without an agreement, stating that Italy's current situation was not a threat to the eurozone. Otherwise, some of the reports touched on Spanish Prime Minister Pedro Chávez Will hold early elections in Spain on April 28 to choose a new government following the Spanish parliament's rejection of his government's proposal for the 2019 budget.
Technical analysis:
The EUR / USD pair continues to show positive trading above the 1.1300 barrier, accompanied by signs of overbought areas through Stochastic, and SMA 50 is pushing the pair lower, supporting the downside potential to resume the expected bearishness over intraday and short term basis.
Our next target is at 1.1180, keeping in mind that a break of 1.1320 could push the pair to achieve further intraday gains of 1.1370 and extend to 1.1443 before deciding more clearly next.
The trading range for today is expected between 1.1200 and 1.1370 support.
The general trend for today is bearish.