The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its sixth session rebound in 11 of its lowest sessions since March 7 when its lowest bid since June 26, 2017, against the US dollar On the eve of economic developments and data expected on Tuesday by the US economy, the largest economy in the world.
At 04:41 am GMT, the EURUSD rose 0.09% to 1.1309 compared with the opening at 1.1303 after the pair reached a high of 1.1314 while the lowest at 1.1299
Investors are currently looking for Germany's largest economy to unveil a statistical reading from the ZEW Economic Sentiment Index, which may reflect a widening to 0.9 versus a 3.6% contraction in March, coinciding with the same reading for Eurozone economies as a whole, which may also Extending to a value of 1.2 versus a contraction at 2.5 in March.
On the other hand, the markets are looking to the US economy, the world's largest industrial producer, for the Industrial Production Index, which may reflect the acceleration of growth to 0.2% from 0.1% in February. The Energy Use Index showed growth accelerated to 79.2% against 78.2 And before we see the housing index reading by the National Association of Home Builders, which may reflect a widening to 63 versus 62 in March.
Technical analysis:
EUR / USD is fluctuating around SMA 50 now, and there is some slight bearishness at the beginning of today's trading, which signals the direction of the price to return to the bearish path again, but we still favor a continuation of the positive scenario unless the break 1.1235 and 1.1180 And stability without it.
Therefore, we are waiting for positive trading during the upcoming sessions, noting that our expected targets start at 1.1350 and extend to 1.1443 after breaching the previous level.
The trading range for today is expected among the 1.1220 support and 1.1400 resistance
The expected general trend for today: temporarily bullish