The single currency of the European Union region fell during the Asian session to see its eighth session rebound from its highest level since February 4 against the US dollar on the eve of economic developments and data expected on Tuesday by the Eurozone economies and the US economy, the world's largest economy.
At 04:48 GMT, the EURUSD rose 0.12% to 1.1200 compared with the opening at 1.1213, the pair's highest level during the session, while the pair's lowest since March 8 at 1.1196.
Investors are currently waiting for the Spanish economy, the region's fourth-largest economy, to release a reading of the Unemployment Change Index, which could reflect a 33.3K decline from the 3.3K rise in February, Producer prices, an indicator of inflationary pressures that could reflect slowing growth to 0.2% from 0.4% in January, while the same year's annual reading may show growth accelerating to 3.1% vs. 3.0%.
On the other hand, investors are looking for the US economy to detect the Durable Goods Orders, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which could reflect a 1.1% drop from January's + 0.3%. , While the core reading of the index itself may rise 0.3% from 0.2% in January.
Technical Analysis
The EUR / USD pair continues to fall quietly to reach the awaited target at 1.1180, thus achieving a 100% correction for the entire bullish wave from which the movement started on March 8
This level represents 61.8% Fibonacci retracement of the entire rally measured from 1.0333 to 1.2553, and therefore breaking it will cause an extension in the short and medium term.
Overall, we will continue to push the downside move over the coming period with a steady price below 1.1300, noting that the above target will lead the price to visit 1.1100 as the next key target.
The trading range for today is expected among the key support at 1.1120 and resistance at 1.1280
The general trend for today is bearish