The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to retrace its third session since May 23, when its lowest since May 19, 2017 was tested against the US dollar on the brink of developments And economic data expected Monday by the economies of the euro zone and the US economy the largest economy in the world.
At 0517 GMT, the EURUSD rose 0.07% to the level of 1.1177 compared to the opening at 1.1167, after reaching the highest level at 1.1190 and the lowest at 1.1155.
The markets are looking for Spain, the fourth-largest economy in the eurozone, to see the Manufacturing PMI reading, which may reflect a contraction of the widening to 51.4 versus 51.8 last April,
Before we see the same indicator reading for Italy, the third largest economy in the region, which may reflect contraction of the contraction to a value of 49.1 versus 48.5 in April
This comes ahead of the release of the Industrial PMI reading for France, the second largest economy in the Eurozone and Germany, the region's biggest economy, as well as the Eurozone economies as a whole, which could reflect a widening stability at 50.6 in France from 50.0 in April, 44.3 in Germany versus 44.4 in April, and the contraction of 47.7 in the region as a whole against 47.9.
On the other hand, investors are awaiting the final reading of Markit Industrial PMI by the United States, which may reflect a widening to 50.8 compared to 50.6 in the preliminary reading last month, compared to 52.6 in April.
Before the world's largest industrial nation could see the Industrial Supply Institute index reading, which may show growth accelerating to 53.0 versus 52.8 in April, as the ISI Manufacturing Index may show growth accelerating to 51.5 versus 50.0, And coincided with a reading of the Construction Spending Index, which could reflect a rise of 0.9% from 0.9% in March.
Technical Analysis
The EUR / USD pair continues to fluctuate near the 1.1180 level and remains below it so far. Therefore, there is no change in the bearish scenario which depends on the stability below this level and above 1.1260, awaiting a negative incentive that supports the chances of achieving our expected targets at 1.1100. 1.1000.
The trading range for today is expected between 1.1100 and 1.1240 support.
The general trend for today is bearish.