The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its fourth session retreat in its lowest six since June 19 against the US dollar on the eve of economic developments and data expected Tuesday by the Eurozone economies and the US economy The largest economy in the world, including the talk of Federal Reserve Governor Jerome Powell and many members of the Federal Open Market Committee.
At 04:49 GMT, the EURUSD rose 0.02% to 1.1260, compared to the opening at 1.1258 after the pair hit a session high of 1.1263 and the lowest at 1.1255.
Investors are currently waiting for Italy's third-largest economy to release the trade balance index, which could show a surplus of 2.91 billion euros from 2.89 billion euros in April, before we see the seasonally adjusted index of the trade balance index for economies The euro zone as a whole, which could explain the widening surplus to 16.4 billion euros from 15.3 billion euros in April.
This comes in conjunction with a statistical reading of the ZEW Economic Sentiment Index for Germany, the largest euro-zone economy and Eurozone economies as a whole, which may reflect the contraction of Germany's contraction to 22.1 from 21.1 last June and the contraction of the economies of the region as a whole. Worth 20.9 versus 20.2 in June.
On the other hand, investors are looking for Federal Reserve Vice President and Federal Open Market Committee member Michelle Bowman to make an opening remarks at the Federal Fed Hearing event in Atlanta before we see a reading of the import price index which could reflect a 0.7% 0.3% in May, and the same year's annual reading may show the widening of the decline to 2.1% versus 1.5%.
This comes in conjunction with the disclosure by the US economy of reading retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of US GDP, which may reflect slower growth to 0.1% versus 0.5% in May, as may appear reading Core for the same index slowed growth to 0.1% versus 0.5% in May.
Also, the world's largest industrial producer may see the Industrial Production Index reading, which may show a slowdown in growth to 0.1% from 0.4% in May, while the Energy Efficiency Index may show accelerated growth to 78.2% versus 78.1%. To witness the release of housing market data with the housing index reading released by the National Association of Home Builders, which may reflect stability at a value of 64 in June.
This comes in conjunction with the reading of wholesale stocks, which may indicate a slowdown in growth to 0.4% from 0.5% in April, leading to Federal Reserve Governor Jerome Powell delivering a speech entitled "Post-crisis monetary policy aspects" at the French G7 Presidency 2019 in Paris, ahead of the talk of Chicago Reserve Bank President and Federal Committee member Charles Evans in an interview with CNN-BC.
Technical Analysis
EUR/USD found it difficult to breach the 1.1290 level yesterday, to fluctuate around SMA 50, noting that Stochastic is showing positive signs now, waiting for the price to resume the positive attempts to breach this level and confirm the trend towards our awaited targets starting at 1.1350 then 1.1443 .
Therefore, our bullish trend remains valid for today as long as the price remains steady above 1.1245.
The trading range for today is expected between 1.1200 and 1.1360 support.
The general trend for today is bullish.