The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound to its fourth-lowest session since 13 November against the US dollar on the brink of developments and economic data expected Wednesday by the Eurozone economies and the US economy. World economy.
At 04:58 GMT, the EURUSD rose 0.04% to the levels of 1.1345 compared to the opening at 1.1341 after the pair reached a high of 1.1356 and the lowest at 1.1336.
The markets are waiting for the biggest eurozone economies to see the Producer Price Index (PPI), an initial index of inflationary pressures, which may reflect contraction to 0.2% from 0.4% last December, while the annual reading may show growth slowing to 2.2%. Versus 2.7%, before we see the Eurozone economy as a whole as the February consumer confidence index releases its preliminary reading.
On the other hand, investors are waiting for the US economy to disclose the minutes of the Federal Open Market Committee meeting held on 29-30 January, during which monetary policy makers at the Federal Reserve kept short-term benchmark interest rates at 2.25% And 2.50% as the bond repurchase moves down by $ 50 billion per month.
Technical Analysis
The EUR / USD pair breached the resistance of the descending sub-channel and settled above it, approaching the pivotal resistance test at 1.1375, which represents the previously breached support for the ascending channel shown in the chart above, noting that the SMA 50 supports the price from the bottom while Stochastic is showing signs Clear saturation now.
Therefore, we prefer to remain neutral temporarily until we get a clearer confirmation of the next direction, which we will get through breaking the resistance 1.1375 or break the support 1.1315, noting that the breach of the mentioned resistance will open the way to the extension of the rising wave to target levels 1.1443 and 1.1550 As the next major stops, while breaking the support will press the price to return to the downside and visit the level of 1.1180 mainly.
The trading range for today is expected between 1.1260 and 1.1440 support
The expected general trend for today: neutral