The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its sixth session retreat in nine sessions from its lowest since June 26, 2017 against the US dollar on the eve of economic developments and data expected Tuesday by the economies of the region The Euro and the center of anticipation for the launch of the meeting of the Federal Open Market Committee in Washington.
At 04:56 GMT, the EURUSD rose 0.10% to 1.1348, compared to the opening at 1.1337, after hitting a high of 1.1349, while reaching a low of 1.1334.
The markets are watching for Italy's trade balance to be the third-largest economy in the eurozone, which could show a contraction of the surplus to 3.45 billion euros from 3.66 billion euros in December, before we see the ZEW economic confidence survey for Germany, the region's largest economy and the economies of the region as a whole. Which may reflect contraction contraction in Germany to 11.0 versus 13.4 in the region as a whole to 15.1 versus 16.6 in February.
On the other hand, investors are now eyeing the FOMC meeting on Wednesday and Wednesday amid expectations that Fed policymakers will keep interest rates at between 2.25% and 2.50% and move forward in reducing bond buybacks With $ 50 billion a month and market pricing to raise the federal funds rate once this year.
Investors are also looking to expose FOMC members to expectations of growth and unemployment as well as inflation and future interest rates for the next three years ahead of Fed Chairman Jerome Powell's forthcoming press conference, which recently announced the Fed's intention to be patient and monitor economic data before resuming policy tightening. Cash or not.
Technical Analysis
EURUSD starts today with a new bullish trend to stay out of support for the bullish intraday channel that is holding the price from the 1.1176 zones. Stochastic is providing a positive cross signal on the upside, supporting the bullish outlook for the upcoming sessions and the way ahead for achieving our main target Expected at 1.1420.
Therefore, we will continue to tilt the upside move for today unless the 1.1270 level is broken and stability below it.
The trading range for today is expected between 1.1270 and 1.1440 support
The general trend for today is bullish