The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound for the second session in four sessions from its lowest since March 7 when its lowest since June 27, 20,17 was tested against the US dollar on the economic outlook for the EU and the US economy.
At 05:22 GMT, the EURUSD rose 0.12% to 1.1234 compared to the opening at 1.1221, after reaching a high of 1.1237 and a low of 1.1219.
The markets are currently looking ahead to the euro zone's biggest economy, Germany, for the Industrial Production Index, which could reflect a 2.5% drop from 5.9% in January, before France's second largest economy saw the trade balance reading May show the deficit widens to 4.7 billion euros from 4.2 billion euros in January and coincides with the Eurogroup meetings in Brussels.
Investors are looking ahead to the US economy to reveal labor market data, which may reflect a stable unemployment rate of 3.8%, unchanged from the previous reading for February, amid expectations that reflect the average income per hour The pace of growth slowed to 0.4% from 0.3% in February.
This comes in tandem with the Non-Farm Payrolls Non-Farm Payrolls report, which may reflect a faster pace of job creation to 172,000 jobs versus 20,000 jobs added in February. And later revealed today the reading of the US consumer credit index, which may reflect a decline to $ 17.2 billion compared to $ 17.0 billion in January.
Technical analysis:
The narrow range continues to dominate the EURUSD pair, which is still below the broken support shown in the picture, and therefore no change in the short and short term bearish scenario, which depends on stability below 1.1300, while its targets begin to breach 1.1180 To open the way to targeting 1.1100 as a next stop.
The trading range for today is expected between 1.1140 and 1.1300 support.
The general trend for today is bearish.