The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its ninth session retreat in its 13th session from its lowest since May 30 of 2017 against the US dollar on the eve of economic developments and data expected Tuesday by the region's economies The euro and the US economy are the largest economy in the world.
At 05:05 GMT, the EURUSD rose 0.16% to 1.1240, compared to the opening at 1.1222, after recording a high of 1.1241 and a low of 1.1220.
The markets are looking for Germany, the largest economy in the euro zone, for the final reading of the consumer price index, which could reflect a stable 1.0% growth, unchanged from the previous March reading and 0.4% in February, before we see the Eurozone economies As well as the seasonally adjusted Industrial Production Index, which may reflect a widening decline to 0.3% versus 0.2% in February.
This comes in conjunction with a statistical reading from the ZEW Economic Sentiment of Germany and the Euro-Zone economies as a whole, which may extend to 5.1 in Germany and to 5.0 in the Euro-Zone economies as a whole against 3.1 and 4.5 in April, The European Union said yesterday that it is preparing a list of US goods to be targeted by customs duties if the United States imposed a fee on imports of cars.
On the other hand, investors are looking forward to the talk of Federal Reserve Bank of New York Chairman and Federal Open Market Committee member John Williams, who is expected to take part in a panel discussion entitled "The Past - Lessons from an Advanced International Monetary System" at the Swiss National Bank Conference And the International Monetary Fund in Zurich.
This comes before we see the US economy reading the import price index, which may reflect the acceleration of growth to 0.7% compared to 0.6% in March, while the annual reading of the same index may show a rise of 0.3% against stability at zero levels, before we see the talk Expected to head the Kansas City Federal Reserve, St George, about the economy at the economic club in Minneapolis, Minnesota.
The EUR / USD pair started to rebound after testing the 1.1250 level yesterday, with SMA 50 forming a strong resistance to positive price attempts, while Stochastic is beginning to provide a negative cross signal now.
Therefore, these factors encourage us to continue with the bearishness, noting that the break of 1.1180 will facilitate the task of moving towards the levels of 1.1100 and 1.1000 which represent our main objectives following, which requires stability below 1.1250.
The trading range for today is among the key support at 1.1140 and resistance at 1.1280
The general trend for today is bearish