The euro rose on Friday against a basket of global currencies on its way to the first gain after two days of stability against the US dollar, achieving its first quarterly gain since the first quarter of 2018, thanks to strong prospects for US interest rate cuts and Monetary policy between Europe and the US, this comes ahead of the release of important data from Europe on key inflation levels during June.
The euro rose against the dollar by 0.15% as of 07:15 GMT, trading at $ 1.1385, the opening price of the day at $ 1.1369, the highest at $ 1.1390 and the lowest at $ 1.1360.
The euro ended yesterday's trading flat with little change against the dollar for the second day in a row as investors assessed developments in the US-China trade war ahead of the US-China meeting on the sidelines of the G20 meeting.
During the second quarter of this year, which officially ends at today's price adjustment, the euro has so far gained 1.5% against the dollar, making its first quarterly gain since the first quarter of last year.
This quarterly gain is due to the strong euro gains in June, with the single European currency gaining 2% on the verge of achieving its first monthly gain in 2019.
Fears of deepening monetary policy divergence between Europe and the United States have ebbed since late last week after the US Federal Reserve indicated its willingness to cut interest rates to meet rising global and domestic risks.
Investors are looking for important economic data from Europe on key inflation levels in June, providing more solid evidence on the future of monetary policy in Europe. Poor data could push the ECB to take a bumper of stimulus measures to counteract economic weakness and increase pressure. Recumbent.
By 09:00 the preliminary reading of the consumer price index for June is expected to rise by 1.2% the same as the previous reading, excluding food and fuel prices expected to rise by 1.0% from a rise of 0.8% the previous month.
Technical Analysis
EURUSD continues to fluctuate within the descending sub-channel forming the bullish flag pattern mentioned yesterday, waiting for a breach of 1.1375 to activate the positive effect of this pattern and then rush to achieve our key positive targets starting at 1.1443 and extending to 1.1565.
SMA 50 continues to support the suggested bullish wave, noting that a break of 1.1320 will press the price to test the 1.1265 levels and may extend to 1.1180 before any new attempt to rise.
The trading range for today is expected among the 1.1280 support and the 1.1443 resistance.
The general trend for today is bullish.