The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound to its second-lowest session since June 20 against the US dollar on the eve of economic developments and data expected Thursday by the Euro-zone economies and amid tight economic data On Thursday by the US economy due to the Independence Day holiday in the United States.
At 4:32 am GMT, the pair rose 0.07% to 1.1286, compared with the opening at 1.1278, the pair's low during the session, while the pair reached a high of 1.1295.
Investors are currently eyeing the Eurozone economy as a whole, with the Retail Sales reading showing a rise of 0.4% from April's -0.4%, while the same year's annual reading may show growth accelerating to 1.6% versus 1.5%. Otherwise, we followed yesterday International Monetary Fund director Christine Lagarde, commenting on her candidacy for the European Central Bank (ECB) governor, replacing current governor Mario Draghi, who is reviewing his mandate in October, said she was honored and intended to give up her temporary responsibility in the fund in the run-up to the nomination.
On the other hand, markets are looking ahead to Friday's release of US labor market data last month, which could reflect a stable unemployment rate at 49-year low of 3.6%, unchanged from May, amid expectations that the job-sector index Excluding agriculture, job creation accelerated to 164,000 versus 75,000 jobs, and the median hourly earnings index accelerated to 0.3% from 0.2%.
This comes hours after the reading of the index of change in private sector jobs, which is preliminary data for the US labor market, the pace of job creation accelerated to 102 thousand jobs compared to 41 thousand jobs in May, below expectations for 140 thousand jobs, The US labor market is among the important reports that weigh heavily on the decisions and directions of the Fed's monetary policymakers.
Technical Analysis
The EUR/USD pair continues to decline gradually, where it is under negative pressure formed by SMA 50, which supports the continuation of the bearish trend to test the support of the ascending channel at 1.1240, noting that breaking this level will push the price to visit the most important support at 1.1180.
In general, the bearish trend will remain intact during the coming sessions unless the price breached 1.1350 and stability above it.
The trading range for today is expected between 1.1200 and 1.1350 support.
The general trend for today is bearish.