The euro fell as the European market opened on Friday against a basket of global currencies, extending losses for the fourth consecutive day against the US dollar, approaching touching the lowest level in two weeks recorded earlier in yesterday's trading, in connection with the loss of the fourth weekly in the last five weeks, Due to the increased likelihood of the European Central Bank to take additional stimulus measures during the meeting next September.
The euro fell against the dollar by 0.1% to $ 1.1095, and the opening price of the day at $ 1.1105, and recorded the highest at $ 1.1112.
Yesterday, the euro lost 0.3% against the dollar, its third consecutive daily loss, hitting a two-week low of $ 1.1091, after positive economic data in the United States.
Data showed that US retail sales rose more than expected in July, easing concerns about the slowdown in the US economy, the "largest economy in the world."
Over the course of the week, the euro fell 0.9% against the dollar, posting its fourth weekly loss in the past five weeks, as weak data in Europe increased the likelihood of the ECB easing monetary policy and cutting interest rates.
The data showed a slowdown in the growth of the European economy during the second quarter of this year, and the German economy entered the "largest economy in the euro area" in a recession during the quarter ending in June.
Following the Bank's July 25 meeting, ECB Governor Mario Draghi said monetary policy makers were waiting for more data before taking any further action and that the bank was ready to cut interest rates during the September meeting, while considering other options for easing. Monetary policy.
The International Monetary Fund recently urged the European Central Bank to add new incentives to mitigate growing economic risks, and warned that the euro zone economy faces the risks of global trade tensions, Britain's secession from the European Union, and Italy's debt crisis.
Technical Analysis
EURUSD succeeded in achieving the first target at 1.1100 and stabilizes at it, starting today with a slight bearish bias in a sign that the price is heading for further declines in the coming sessions, paving the way towards our next target at 1.1000.
Therefore, we will continue to favor the bearishness over intraday and short-term, taking into consideration that the continuation of the expected decline requires stability below 1.1180.
Expected trading range for today is between 1.1000 support and 1.1180 resistance.
Expected trend for today: Bearish.