The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session as it rebounded to its third-lowest session since March 12 against the US dollar after Federal Open Market Committee Chairman and Federal Reserve Bank Chairman Erick Rosengren in Hong Kong On Tuesday, the biggest economy in the eurozone, Germany and the US economy, are the biggest economy in the world.
At 04:22 GMT, the EURUSD rose 0.02% to 1.1314, compared to the opening at 1.1312, after reaching a high of 1.1322, while reaching a low of 1.1310.
Investors from the region's biggest economies are looking for a statistical reading of the German consumer confidence index (GFK), which may reflect the stability of the 10.8-point spread, unchanged from March. Otherwise, we have followed this week. European Union President Benoit Koir said the European Central Bank was not in a position to change monetary policy at the moment.
However, Mr. Kuer noted that the European Central Bank is ready to buy back bonds and use easing policy in the event of an economic crisis. Another member of the European Central Bank, Olli Rehn, said that the biggest threat to the Eurozone in the near term is the UK's exit from The European Union, explaining that the European Central Bank is taking the necessary measures with the Bank of England to mitigate possible strikes.
The markets are also looking ahead to the US economy to release housing market data with the Housing Starts and Building Permits reading, which may reflect a decline in February, where building permits are expected to drop 1.3% to 1,300,000 versus a rise 1.40% at 1,345 thousand, and the index of construction starts may show a decline of 0.8% at 1,220 thousand homes against a rise of 18.6% at 1,230 thousand homes.
This comes ahead of the reading of the Home Price Index, which may reflect the acceleration of growth to 0.4% versus 0.3% last December, leading to the Consumer Confidence reading, which may reflect a widening to 132.1 vs. 131.4 in February, In conjunction with the release of the Rachamund Industrial Index, which may show a widening contraction to 12 versus 16 in February.
Technical analysis:
The EUR/USD pair remains stuck between the confirmation levels of support 1.1278 and resistance 1.1340, which keeps us neutral until the price confirms the breach of one of these levels and then more precisely identifies the next.
We will note that breaching the mentioned resistance will push the price to achieve further gains targeting 1.1380 and 1.1445 mainly while breaking the support will put the price under more negative pressure towards the 1.1180 areas in the near term.
The trading range for today is expected among the 1.1220 support and 1.1400 resistance.
The expected general trend today depends on the levels mentioned in the report.