The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session to see its second straight session retreat since May 16 against the US dollar on the eve of economic developments and data expected Tuesday by the Eurozone economies and the US economy. The world's largest economy.
At 04:59 GMT, the EURUSD fell 0.13% to 1.1180 compared to the opening at 1.1193, after the pair reached a low of 1.1178, while reaching a high of 1.1196.
Investors are currently looking ahead to the reading of the import price index, which may reflect a rise of 0.5% against the stability of zero levels in March, while the annual reading of the same index may show a slowdown of 1.6% to 1.7%. In conjunction with the disclosure of a statistical reading of the German consumer confidence index GFK, which may reflect the stability of the widening at 10.4, with little change from May.
This comes before we see the Euro-Zone economy as a whole, with the annual release of the M-3 money supply, which may reflect slowing growth to 4.4% versus 4.5% in March, coinciding with the annual reading of the Private Loan Index, which may indicate a faster pace of growth To 3.3% compared to 3.2% in the previous annual reading for March.
The European Commission, Cecilia Malmstron, said earlier this week that the European Union categorically rejects the inclusion of agriculture in trade talks with the United States, as Washington has recently asked, explaining that Brussels is ready to start negotiations on industrial tariffs with Washington, That Washington is not ready for that at the moment.
On the other hand, US investors are looking to release housing data with the Housing Price Index reading, which may reflect slowing growth to 0.2% vs. 0.3%, and the S & P House Price Index, which may show growth accelerating to 3.1% versus 3.0% in February, leading to the Consumer Confidence reading, which may reflect a widening of 130.1 vs. 129.2 in April.
Technical Analysis
The EUR / USD pair is showing some slight bearishness now after facing the SMA 50 in the last sessions, in conjunction with the stochastic negativity of the clearly positive momentum and reaching the overbought areas, waiting for the pair to stimulate further bearishness over the short term and the short term targeting 1.1100 then 1.1000 as the next major stations.
The continuation of the suggested bearish wave requires that the daily closing remains below 1.1255.
The trading range for today is expected between 1.1100 and 1.1255 support.
The general trend for today is bearish.