The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its rebound for the second consecutive session from its May 30, 2017 low against the US dollar on the eve of developments and economic data expected on Monday by Eurozone economies The US economy is the largest economy in the world.
At 04:56 GMT, the EURUSD rose 0.04% to 1.1159, compared to the opening at 1.1156, after the pair reached a high of 1.1171 and a low of 1.1142.
Investors are currently eyeing Eurozone economies as a whole for the M3 Money Supply Annual Report, which may reflect slowing growth to 4.2% from 4.3% in February, coinciding with the annual reading of the Private Loan Index, Growth at 3.3% is little changed from the previous year's reading for February.
On the other hand, markets are looking to release US spending and personal income data, which may reflect the acceleration of personal spending growth to 0.7% from 0.1% in February, and personal income growth accelerated to 0.4% vs. 0.2%, while the Consumer Expenditure Index The 0.3% decline against the 0.1% decline, while the annual reading for the same index may show a growth rate of 1.6% versus 1.4%.
Technical Analysis
EUR / USD is trading near the 1.1180 level, and the price is still below this level, while the moving averages of 7-20-50 continue to pressure the price negatively. Therefore, our bearish outlook remains intact for the coming period, waiting to exceed 1.1100 to confirm the trend towards 1.1000 as a stop. deification.
Keep in mind that a bullish rally to break through 1.1180 and then 1.1250 will stop the expected decline and push the price to achieve gains over intraday basis.
The trading range for today is expected between 1.1060 and 1.1220 support
The general trend for today is bearish