The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its second session retreat since June 19 against the US dollar on the brink of developments and economic data expected Wednesday by Eurozone economies and the US economy, which include half The first from the Fed's midterm testimony to the US Congress in Washington and the release of the minutes of the FOMC meeting.
At 0538 GMT, the EURUSD rose 0.01% to 1.1209 compared to the opening at 1.1208 after the pair reached a high of 1.1210 and a low of 1.1202.
The markets are currently looking ahead to France's second-biggest economy for Industrial Production reading, which could reflect slowing growth to 0.3% versus 0.4% in the previous reading for April before we see the same indicator reading for Italy, the third largest economy in the region Which could be up 0.1% from 0.7% in April.
On the other hand, investors are currently awaiting the US economy for the final reading of the wholesale stocks index, which may show a stable growth of 0.4%, unchanged from the preliminary reading for May and against 0.8% growth in April, in conjunction with the launch of half The first from Federal Reserve Governor Jerome Powell's semi-annual policy on monetary policy to the House Financial Services Committee.
To reveal the minutes of the Federal Committee meeting held on June 18-19, during which Federal Reserve policy makers kept benchmark interest rates between 2.25% and 2.50% for the fourth meeting in a row, revealing their expectations at the time Federalism over growth rates, inflation and unemployment as well as future interest rates for the next three years.
Technical Analysis
The EUR/USD pair fluctuates around 1.1200, and the price is moving within a bearish intraday channel that supports chances of breaching 1.1180 to open the way towards our next negative stop at 1.1100.
In general, we continue to favor the downside for the coming period unless the breach of 1.1265 is breached above it, supported by the 50 moving average which is negatively impacting the price. Stochastic is gradually losing its positive momentum to support the resumption of the expected bearish trend.
The trading range for today is among the key support at 1.1130 and resistance at 1.1275.
The general trend for today is bearish.