The single currency of the European Union fluctuated in a narrow range tilted to decline during the Asian session to witness the bounce for the seventh session in ten sessions from the highest since July 19 last against the US dollar on the eve of developments and economic data expected on Monday by the euro zone economies and amid The economic data earlier this week was tightened by the world's largest economy.
At 05:37 am GMT, the euro fell against the US dollar by 0.02% to 1.1088 levels compared to the opening at 1.1095 after the pair reached its lowest level during the session at 1.1085, while achieving the highest at 1.1101, knowing that the pair started This week it is trading on a bullish price gap after closing last week at 1.1090 levels.
Investors are looking ahead to the euro-zone economies as a whole, revealing a seasonally adjusted reading of the current account, which could reflect a widening surplus to € 32.2 billion from € 29.7 billion in May, before Germany's largest economy sees its disclosure. On the monthly report of the Bundesbank.
The release of inflation data for the euro area as a whole with the release of the final annual CPI reading which may reflect the stability of growth at 1.1%, little changed from the initial reading for the month of July, compared with 1.3% in the previous annual reading for the month of June Last June, the core annual reading of the same index could show growth stabilizing at 0.9% versus 1.1% in June.
Later this week, investors await the Federal Open Market Committee (FOMC) and Federal Reserve Deputy Governor Randall Quarles' speech on community development at the Utah Center for Settlement Stations in Salt Lake City on Tuesday, ahead of revelation hours. For the minutes of the FOMC meeting held at the end of last July.
At the July 30-31 meeting in Washington, the Fed's monetary policy makers approved the first Fed cut in more than a decade by 25 basis points to between 2.00% and 2.25%. This was in line with expectations at the time, while saying that the reduction was to support the pace of growth and to combat the weakness of inflation in the shadows of trade protectionism.
By Thursday, the markets are looking forward to the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium, which will be attended by global central bankers and finance ministers as well as academics and financial market participants from around the world. Federal Reserve Jerome Powell under the title "Monetary Policy Challenges" during the seminar.
Technical Analysis
EUR / USD is trading below 1.1100, and is under constant negative pressure from SMA 50, to keep the downside bias over the coming sessions, awaiting the test of 1.1000 which is our next major target.
Stability below 1.1180 is important for the continuation of the suggested decline, as a breach will push the price to start recovery attempts initially targeting 1.1350 zones.
Expected trading range for today is between 1.1000 support and 1.1160 resistance.
Expected trend for today: Bearish.