The single currency of the European Union region fluctuated in a tight range in the Asian session to see its seventh session retreat in eight sessions from its highest since early May against the US dollar amid a lack of economic data on the Euro-zone economies and on the eve of economic developments and data on Wednesday. By the US economy, the world's largest economy.
At 5:18 am GMT, the EURUSD dropped 0.05% to 1.1155, compared with the opening at 1.1161, after the pair reached a low of 1.1153 and a high of 1.1166.
Investors are now waiting for Federal Open Market Committee Chairman James Pollard to speak about the outlook for the US economy and monetary policy at the Hong Kong Foreign Correspondents Club, and the talk of New York Bank President John Williams at a news conference about ownership Houses in the United States in New York.
This comes hours before the minutes of the Federal Committee meeting held at the end of April and early May, during which monetary policy makers at the Federal Reserve agreed to keep rates between 2.25% and 2.50% for the third consecutive meeting To move forward with a reduction in bond buybacks before they are frozen by September and a policy of patience.
Technical Analysis
The EURUSD extended a negative trading session yesterday in an attempt to move away from the 1.1180 level. Therefore, there is no change in the short and short term bearish scenario targeting 1.1100 and 1.1000 as the next major stations.
Keep in mind that the continuation of the suggested bearish wave requires stability below 1.1180 and above 1.1255.
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.