The single European currency rose against the US dollar after US Federal Reserve Chairman Jerome Powell spoke to the US Congress on Tuesday with anticipation of a further update on Wednesday. And economic data from the German economy and the European economy today.
The euro fell against the US dollar by 0.07% to the value of 1.1380, the opening of today's session at 1.1387, the highest level of 1.1394 at the time of writing this report.
Today, the European economy is seeing the results of the annual money supply, which is likely to come down by 4.0% from the previous reading 4.1%. We also expect the Business and Consumer Survey, which is expected to be 106.0 lower than the previous reading of 106.02. Then the Business Climate Index for February, which is also expected to come below the previous value of 0.69.
Yesterday, we saw the testimony of US Federal Reserve Chairman Jerome Powell before the US Senate, which stressed that the US economy is healthy, but the trade dispute between Washington and Beijing, weak inflation and volatility in financial markets may lead to slower growth this year.
"Powell added that these factors are what prompted the Central Bank to adopt a policy of patience and patience in raising interest rates in the coming period.
Technical analysis:
The euro rose against the US dollar and breached the resistance level 1.1361 to reach the target at 1.1392 near the lower line of the ascending channel.
The Euro failed to break through the channel line to bounce back towards the 1.1361 level
The moving averages support the bullish trend as we have a bullish order below the price of 7-20-50, giving the price the positive momentum for the upside and the attempt to enter the ascending channel.
Stochastic reached the area of saturation of the purchase and reversed it down and reflected this movement on the price that rebounded from the channel line mentioned earlier.
The trading range for today is among the key support at 1.1361 and resistance at 1.1401
Support and resistance:
Support: 1.1361-1.1330-1.1310
Resistance: 1.1392-1.1443-1.1500