The euro fell against the US dollar during the Asian session to see the third session low since Feb. 5 against the US dollar on the eve of developments and economic data expected Monday by the economies of the euro area and the US economy, the largest economy in the world.
The EURUSD fell 0.35% to 1.1345 compared to the opening at 1.1383, the pair's highest level during the session, while the pair reached its lowest level at 1.1344. The pair ended the week at 1.1363 before opening the session. This week on a bullish price gap.
Investors are currently waiting for the Spanish economy, the region's fourth-largest economy, to release the Unemployment Change Index, which could reflect a rise of 5.0K from 83.5K in January before the Sintex Consumer Confidence Index for the region as a whole The contraction contracted to 3.1 versus 3.7 in February.
To the eurozone as a whole, with the Producer Price Index (PPI), a preliminary index of inflationary pressures, which could reflect a 0.4% growth versus a 0.8% contraction in December, while the annual reading of the same index may show a slowdown in growth to 2.9% Compared with 3.0% in the previous December reading.
Technical analysis:
The Euro opened the greenback against the USD with a rising price gap to close and close the gap again. The level of support has been breached 1.1367, so we can return to the downside if the price is closed below SMA 50 and target 1.1312
Stochastic gives negative signals for trading. Enter into the oversold area. If you can stay within this area, we will see the Muwaid from the drop in the price movement. Any attempt to exit from this area will increase the possibility of a correction in the price movement.
We reiterate that breaching the resistance will push the price to target 1.1443 and then 1.1550 as initial positive targets, while breaking the support will put the price under negative pressure again, to head towards 1.1180 mainly.
The trading range for today is among the key support at 1.1280 and resistance at 1.1460
The general trend for today is bearish