The single currency of the European Union region fluctuated in a tight range in the Asian session against the US dollar on the eve of economic developments and data expected Tuesday by the economies of the euro area and the US economy, the largest economy in the world, especially after the US Department of Commerce submitted the White House tariff report For signing the report and the report on the readiness of the European Commission to respond to the United States in the event of raising tariffs on European cars.
At 4:16 am GMT, the EURUSD rose 0.13% to 1.1296, compared to the opening at 1.1311 after the pair hit a session low of 1.1294 and a high of 1.1314.
Markets are looking for the Euro-zone economy as a whole to release the seasonally adjusted current account index, which could reflect a widening of the surplus to 21.4 billion euros from 20.3 billion euros in November before we see the ZEW economic confidence survey for Germany and the economies of the region as a whole. The shrinking contraction in Germany may reflect 14.1 versus 15.0 in the region as a whole to 18.2 versus 20.9 in January.
On the other hand, investors are looking ahead to the US housing index to be released by the National Association of Home Builders, which may reflect a widening to 59 versus 58 in January. Markets are looking forward Wednesday to unveil the minutes of the last FOMC meeting, In which the members of the Committee approved the stabilization of interest rates between 2.25% and 2.50% and proceeded to reduce bond repurchases.
Technical Analysis
The EURUSD opens today's trading session with a bearish bias to avoid resistance to the descending channel appearing in the image, supporting the continuation of the upcoming bearish scenario for the coming period, targeting 1.1180 as the next major station.
SMA 50 supports the suggested bearish wave, noting that stability below 1.1320 represents the first condition for the continuation of the suggested negative scenario.
The trading range for today is expected between 1.1200 and 1.1360 support
Support and resistance:
Support: 1.1257-1.1181
Resistance: 1.1300-1.1357-1.1386
The general trend for today is bearish