The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session against the US dollar as economic data from the Euro-zone economies narrowed earlier this week on the eve of economic developments and data expected Monday by the US economy, the world's largest economy, To Fed Chairman Jerome Powell's half-yearly testimony before Congress.
At 04:58 GMT, the EURUSD rose 0.03% to 1.1340, compared to the opening at 1.1337 after the pair reached a high of 1.1349 while the lowest at 1.1329.
The markets are looking to the US economy for the final reading of the wholesale stocks index, which may reflect a stable growth of 0.3%, unchanged from the previous December reading, before we see the participation of Deputy Governor of the Federal Reserve Richard Clarida In a panel discussion entitled "Federal Reserve: A Conversation with Community Leaders in South Dallas" in Texas.
This comes hours before Federal Reserve Governor Jerome Powell's semi-annual testimony on monetary policy before the Senate Banking Committee on Tuesday and before the House Financial Services Committee after Wednesday in Washington before Powell delivered a speech entitled "Economic Developments Marginal and long-term challenges "next Thursday in New York.
Technical analysis:
The EUR / USD pair has not seen any strong movement in the past sessions, keeping the 1.1300 and 1.1390 support keys intact, so we continue to neutral until the price confirms one of the mentioned levels.
We reiterate that breaking this support will put the price under negative pressure again, initially heading towards 1.1180, while breaching the resistance will open the door for gains starting at 1.1443 and extending to 1.1550 in the near term.
The trading range for today is among the key support at 1.1240 and resistance at 1.1430
The expected general trend for today: neutral