The single currency of the European Union region fluctuated in a tight range in the Asian session against the US dollar on the eve of economic developments and data expected on Tuesday by Eurozone economies and the US economy, the largest economy in the world, This month.
At 05:08 GMT, the EURUSD dropped 0.06% to 1.1138, compared to the opening at 1.1145, after the pair reached a low of 1.1134 and a high of 1.1147.
The markets are currently looking at the French economy, the region's second-largest economy, to reveal second-quarter growth data with the preliminary reading of the Gross Domestic Product (GDP), which may reflect a stable 0.3% growth, unchanged from the previous quarter. The index's annual growth rate accelerated to 1.3% versus 1.2% in the annual reading for the first quarter.
This comes before we see Germany's largest economy showing a statistical reading of the GFK Consumer Sentiment Index, which could reflect a contraction of 9.7 vs. 9.8 in July, before the release of the French consumer spending reading, which may reflect a slowdown Growth to 0.2% versus 0.4% in May, and with the disclosure of the French Treasury budget for last month.
To see inflation data for Germany with the release of the preliminary reading of the consumer price index, which may reflect the stability of growth at 0.3%, unchanged from June, otherwise, we have followed earlier this week, the demand of the new British Foreign Minister Dominique Rab to the European Union to move on a file The departure of his country from him, expressing the fact that the Union is stubborn about that file and that if continued stubbornness must prepare to go out without agreement.
On the other hand, investors are currently looking for the US economy to disclose spending and personal income data that may reflect a slowdown in personal spending growth to 0.3% from 0.4% in May, and personal income growth slowing to 0.3% from 0.5% in May, A reading of the Core Personal Consumption Expenditure Index may show growth slowing to 0.1% versus 0.2% in May.
This comes ahead of the release of the consumer confidence index, which may expand to 125.2 from 121.5 in June, coinciding with the release of housing market data with the release of existing home sales, which may indicate slowing growth to 0.3 From 1.1% in May, to the launch of the FOMC meeting today and Wednesday in Washington.
Technical Analysis
The sideways and narrow range continues to dominate the EUR / USD pair, while the SMA 50 is a continuous negative pressure against the price. Therefore, there is no change in the expected bearish scenario for the next period, which depends on stability below 1.1180, while its main targets start at 1.1100 and extends to 1.1000.
The trading range for today is expected between 1.1040 and 1.1200 support
The general trend for today is bearish.