The single currency of the European Union region fluctuated in a tight range to retreat during the Asian session to see its rebound for the second consecutive session from its highest since July 15 against the US dollar on the eve of developments and economic data expected Monday by the largest eurozone economies Germany Amid a lack of economic data earlier this week by the US economy, the world's largest economy.
At 5:18 am GMT, the EURUSD dropped 0.02% to 1.1216, compared to the opening at 1.1218, after reaching the lowest level at 1.1208, while reaching a high of 1.1221. Last week ended at 1.1221 before opening this week on a bearish price gap.
In addition, last week we followed the threat of Liga leader and Italian Deputy Prime Minister and Minister of Interior Matteo Salveni to dissolve the five-star government coalition and hold early parliamentary elections following a verbal spat with leaders. The movement, expressing the fact that the election window is always open and it is strange to participate in the government with those who offend you.
Technical Analysis
The EURUSD extended further negative trading near the pivotal support 1.1180. As seen in the picture, the price is moving within a sideways range that limits recent trading, so that the sideways bias is likely over the intraday basis until the price crosses one of its 1.1180 support and 1.1290 resistance.
We note that breaking this support will press the price to further decline towards 1.1180 initially, while breaching the resistance will stimulate the pair to resume attempts to recover and achieve positive targets starting at 1.1350 and extending to 1.1443.
The trading range for today is expected between 1.1130 and 1.1300 support.
Today's general trend: sideways.