The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its rebound to its second lowest session since May 30, 2017 against the US dollar amid tight economic data by Eurozone economies in the last week's session and developments And economic data expected Friday by the US economy, the largest economy in the world.
At 4:13 am GMT, the EURUSD rose 0.04% to 1.1136, compared to the opening at 1.1132, after reaching a high of 1.1141, while reaching a low of 1.1124.
Investors in the US economy are looking for a preliminary reading of the GDP for the first quarter, which could show the stability of the world's largest economy at 2.2%, unchanged from the previous quarter, while the preliminary reading of GDP Over the last quarter quarter slowing growth to 1.3% versus 1.8% in the fourth quarter.
This comes ahead of the final reading of the University of Michigan consumer confidence index, which may reflect a widening to 97.1 compared with the April reading of 96.9 versus 98.4 in March, to the disclosure of the US Treasury Department's semi-annual report on International economic policies and exchange rates.
Technical Analysis
The EURUSD remains steady below 1.1180, and negative pressure remains for the coming period, supported by SMA 50, and the price is gradually creeping towards our first target at 1.1100, noting that we expect the bearish bias to continue to visit 1.1040 as a next stop.
Therefore, the bearish trend will remain in the short and short term, provided that the price remains stable below 1.1180 and 1.1245.
The trading range for today is expected between 1.1040 and 1.1200 support
The general trend for today is bearish