The single currency of the European Union region rose during the Asian session to see its third session retreat since June 3 against the US dollar on the eve of developments and economic data expected Thursday by the Eurozone economies and the US economy, the largest economy in the world, Federal Open Market in Washington.
At 5:11 am GMT, the EURUSD rose 0.35% to 1.1265, compared to the opening at 1.1226 which was the pair's lowest during the session, while reaching a high of 1.1273.
The markets now look to the European Central Bank's release of the ECB's monthly report, before we see the euro-zone economy as a whole reading consumer confidence readings that may reflect a deflationary stability of just 7 unchanged from last May Otherwise, we have followed yesterday the statements of Commission President Jean-Claude Juncker that attacking the independence of the European Central is absolutely unfair.
The comments were made by ECB President Juncker at the European Central Bank's forum on central banks in Sintra, hours after the European Central Bank governor said at the same conference last Tuesday that the ECB is not targeting specific levels of the euro exchange rate, And that the absence of improvement requires movement, adding that inflationary pressures are still weak and they are moving at a slow pace.
European Central Bank Governor Draghi noted at the forum in Portugal that the EC will take more monetary stimulus steps unless growth and inflationary pressures in the euro zone improve, following the fact that interest rate cuts will continue to be one of the ECB's instruments. The ECB is ready to expand the stimulus.
Otherwise, investors are currently looking for the US economy to launch a current account reading, which could reflect a contraction of the deficit to $ 125 billion versus $ 134 billion in the fourth quarter, coinciding with the release of the Philadelphia Manufacturing Index by the world's largest industrial country which may reflect The spread narrowed to 10.6 versus 16.6 last May.
This comes in conjunction with the reading of the index of claims for the week ending on the 15th of this month, which may reflect a decrease by two thousand requests to 220 thousand requests compared to 222 thousand requests in the previous weekly reading, as may be clear reading the index of continuing claims for the week of the eighth in the eighth Of the month fell by 15 thousand applications to 1,680 thousand applications compared to 1,695 thousand applications.
Leading to the release of leading indicators that may show a contraction of 0.1% vs. 0.2% last April, hours after the FOMC meeting of 18-19 June ended. Interest rates between 2.25% and 2.50% and disclosure of the Federal Commission's expectations of growth rates, inflation and unemployment as well as future interest rates for the next three years.
Technical Analysis
EURUSD has managed to touch our first target at 1.1265 and is breaching it to try to hold onto it now, which supports the continuation of the bullish scenario effectively during the coming sessions, paving the way for our next target at 1.1443.
Therefore, the bullishness will likely remain supported by the positive signal that is clearly shown by Stochastic, noting that stability above 1.1180 is an important condition for the continuation of the suggested bullishness.
The trading range for today is among the key support at 1.1180 and resistance at 1.1360.
The general trend for today is bullish.