The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session, its lowest since May 3 against the US dollar on the eve of economic developments and data expected on Monday by the Eurozone economies amid a lack of economic data by the US economy. The world's largest economy.
At 5:36 am GMT, the EURUSD dropped 0.07% to 1.1152, compared to the opening at 1.1160, after hitting a three-week low of 1.1151, while reaching a high of 1.1168.
The markets are currently waiting for the euro zone's largest economy to see the Producer Price Index (PPI), a preliminary index of inflationary pressures, which could reflect 0.4% growth versus 0.1% contraction in March, while the index's annual reading may show growth stabilizing at 2.4% With little change from the previous year's reading for the month of March.
This comes before we see the economies of the euro-zone as a whole to unveil the seasonally adjusted current account index, which could reflect a contraction of the surplus to € 24.2 billion from € 26.8 billion in February, revealing the monthly report of the Bundesbank, Italian Deputy Prime Minister Matteo Salveni said on Friday that he saw tax cuts would reduce bond yields, debt and budget deficits.
Technical Analysis
The EURUSD finished last week below 1.1180, supporting the continuation of our short and short term bearish outlook, with the next targets at 1.1100 and 1.1000.
SMA 50 continues to support the suggested bearish wave, noting that a break of 1.1250 will halt the expected decline and push the price for gains initially starting at 1.1443.
The trading range for today is expected among the key support at 1.1080 and resistance at 1.1230.
The general trend for today is bearish.