The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see its fourth session retreat in six sessions since its February 4th high against the US dollar on the eve of European Central Bank President Mario Draghi's speech at the European Central Monitoring Conference In Frankfurt, as well as developments and economic data expected Wednesday by the US economy, the largest economy in the world.
At 04:45 GMT, the EURUSD fell 0.09% to 1.1256, compared to the opening at 1.1266, after reaching the lowest level of 12 March at 1.1251, while achieving a high of the session at 1.1277.
Investors are currently waiting for the US economy to release the current account reading, which may reflect a widening deficit to $ 130 billion versus $ 125 billion in the third quarter, in conjunction with the disclosure of the trade balance, which may reflect a contraction of the deficit to $ 57.2 billion versus $ 59.8 billion in December.
The Federal Reserve Bank of Kansas Federal Reserve Chairman and member of the Federal Open Market Committee, Esther George, on the economic outlook and monetary policy at the event hosted by New York University fund-raisers, hours after the FOMC meeting of 19-20 March Federal funds were kept at between 2.25% and 2.50%.
Technical analysis:
The EURUSD pair broke 1.1278 after closing the daily candlestick below it, which does the bearish scenario over the intraday basis, targeting 1.1240 and 1.1180 as the next major stops, so that the bearish bias will prevail in the coming sessions.
SMA 50 is pressuring the pair to support the bearish expectations, which will remain intact unless the 1.1278 level is breached and stability above it, as this breach is considered the first key to start attempts to recover and regain the bullish trend again.
The trading range for today is expected between 1.1170 and 1.1310 support.
The general trend for today is bearish.