The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its rebound for a third session in six sessions from its lowest since March 7 when its lowest since June 27, 2017, was tested against the US dollar on The latest economic developments and data are expected Tuesday from the third-largest economy of the eurozone, Italy and the US economy, the world's largest economy, including the FOMC meeting later in the day.
At 04:58 GMT, the EURUSD rose 0.03% to 1.1266, compared to the opening at 1.1263, after reaching the highest level at 1.1269, while reaching a low of 1.1255
The markets are currently looking for Italy's third-quarter economy to release the Retail Sales Index, which could reflect a 0.2% fall from 0.5% in January, amid anticipation of the EU-China trade talks, European Trade Minister Cecilia Malmstrom said that the EU would not use tariffs to pressure China into negotiations.
This comes on the threshold of the European summit expected on Wednesday, which will focus on the issue of the UK's exit from the European Union and consider the request of British Prime Minister Theresa May to postpone the departure of the country from the Union until the end of June, knowing that Mai will meet today with both the Chancellor German Chancellor Angela Merkel and French President Manuel Macaron in their efforts to avoid coming out without agreement and get their support for the postponement of exit.
The European summit is also likely to address the EU's trade negotiations with the United States and China and discuss responding to US President Donald Trump's proposals to impose tariffs on new passenger helicopters as well as some European food, clothing and motor vehicles following Washington's claim that those The proposals are a response to the damage caused by the European Union's support to Airbus.
This comes ahead of the European Central Bank (ECB) meeting on Wednesday, at which zero interest rates could be kept ahead of ECB Governor Mario Draghi's announcement of a new round of long-term refinancing (TLTROs) Starting from September to March of 2021 with a two-year maturity of zero interest.
On the other hand, investors are currently waiting for the US economy to release a statistical reading of employment opportunities and job turnover, which may reflect a decline to 7.54 million versus 7.58 million in January, coming hours after the disclosure of labor market data which showed stable unemployment rates at 3.8% in line with expectations during March.
In the same context, we followed Friday's reading of the Non-Farm Employment Change Index, which accelerated job creation to 196,000 jobs, compared with 33,000 jobs added in February, while average hourly earnings showed slower growth to 0.1 Versus 0.4%, worse than expectations for a slowdown in growth to 0.3%.
Technical analysis:
EURUSD ended yesterday's trading above 1.1235, leading the price to start intraday recovery attempts, and we expect to head towards 1.1350 and 1.1443 in the coming sessions, as the bullishness is likely for today.
We note that the expected rally is temporary unless the last level is breached. The breach will extend the upside wave to reach 1.1550 as a next stop, while a rebound to the downside and a break of 1.1235 and then 1.1180 will stop the suggested positive scenario and push the pair to resume the main bearish trend, which is next target at 1.1100.
The trading range for today is among the key support at 1.1180 and resistance at 1.1350.
The expected general trend for today: temporarily bullish.