The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session, on the second weekly losing streak against the US dollar on the eve of economic developments and data expected on Friday by Eurozone economies and the US economy, the world's largest economy. Britain's exit from the European Union.
At 05:59 GMT, the EURUSD dropped 0.02% to 1.1145, compared to the opening at 1.1147, after the pair reached a low of 1.1142 and a high of 1.1151.
Investors are currently waiting for Germany's largest economy to release the import price reading, which could reflect a 0.8% drop from 0.1% in May. The same index may also show a 1.5% rise from 0.2% Of the European Central Bank's meeting in which interest rates were kept at zero levels.
The European Central Bank's marginal lending rate was fixed at 0.25% with a negative deposit rate of -0.40%. ECB President Mario Draghi noted at the press conference following the meeting that the ECB was ready to cut interest rates to boost growth , Pointing out that there are risks that put pressure on the economies of the region.
Technical Analysis
The EURUSD remains stable below pivotal resistance 1.1180, and therefore our bearish outlook remains intact, supported by the negative pressure formed by SMA 50, awaiting the resumption of the bearish trend targeting 1.1100 and 1.1000 as the next major stations.
Keep in mind that a break above 1.1180 and stability above it will push the price to start recovery attempts with initial targets at 1.1245 and extend to 1.1443.
The trading range for today is expected between 1.1050 and 1.1200 support
The general trend for today is bearish.