The single currency of the European Union region fluctuated in a tight range in the Asian session to see its sixth session rebound in nine sessions from its highest since March 21 against the US dollar on the brink of economic developments and data expected on Friday by Eurozone economies and the economy.
At 4:17 am GMT, the EURUSD dropped 0.03% to 1.1282, compared to the opening at 1.1285 after the pair hit a session low of 1.1278 and a high of 1.1288.
The markets for Germany, the largest economy in the euro area, are looking for the factory demand index which may show a 0.1% drop from 0.3% in April, while the seasonally adjusted annualized index may show a drop to 6.3% versus 5.3% The second largest economy in the region, which could show a contraction of the deficit to 4.8 billion euros from 5.0 billion euros in April.
On the other hand, investors are looking for the US economy to reveal last month's labor market data, which could reflect a stable unemployment rate at its lowest level in 49 years at 3.6%, unchanged from May, amid expectations that the reading of the Change in jobs for sectors Except for agriculture, job creation accelerated to 164,000 versus 75,000, and the average hourly earnings index accelerated to 0.3% from 0.2%
This comes after the disclosure last Wednesday of preliminary data for the US labor market, which showed the acceleration of job creation to 102 thousand according to the index of change in private sector jobs, compared to 41 thousand in May, below expectations at 140 thousand, Of the US is among the important reports that weigh heavily on the decisions and directions of monetary policy makers at the Fed.
Technical Analysis
The EUR/USD pair has not seen any strong movement since yesterday, continuing to fluctuate around the 1.1280 level. Therefore, there is no change in the bearishness scenario which depends on stability below 1.1350, while the next targets are at 1.1240 and extend to 1.1180.
The trading range for today is expected between 1.1200 and 1.1350 support.
The general trend for today is bearish.