The single currency, the euro, fluctuated in a narrow, upward range during the Asian session, to witness its rebound to the fifth session in six sessions from the lowest since July 24 against the US dollar amid economic data on Wednesday by the economies of the euro area and the US economy, the largest economy in the world.
At 06:08 AM GMT, the euro pair rose against the US dollar by 0.07% to 1.1823 levels compared to the opening levels at 1.1815, after the pair achieved its highest level during the session's trading at 1.1833, while it reached its lowest level at 1.1812.
On Thursday, markets may look forward to the participation of Christine Lagarde, Governor of the European Central Bank, Governor of the Bank of England Andrew Bailey, as well as Federal Reserve Governor Jerome Powell in a satellite discussion on monetary policy under the title "Central Banks in a Changing World" in the Bank Forum European Central Bank on central banking.
Other than that, we followed up yesterday. The President of the European Commission, Ursula von der Leyen, expressed her belief that there is a possibility for a partnership between European countries and the United States to define the rules for the digital economy, noting that the time has come to set an agenda between Washington and Brussels to start the initiative and that the European Union is looking forward to The United States joins the Paris climate agreement.
In the same context, the President of the European Commission explained to Line that what is illegal in the non-digital economy will be illegal in the digital economy, adding that it is important for partners to raise their standards in the digital economy and that large digital companies must pay appropriate taxes, with She told her that if there is no international agreement on digital taxes, European countries will act on it.
The President of the European Commission also noted that the deadline for digital taxes is the middle of 2021 and that the European Union cannot return to the agenda with the United States, which was between them five years ago, and in another context, some report stated that the European Parliament has reached an agreement with the European Commission Regarding the size of the budget of the Union in the period between 2021 to 2027, that is about 1.8 trillion euros.
Otherwise, we followed earlier this week the report that touched on the fact that the European Union intends to impose tariffs on the United States of $ 4 billion this week, in the wake of the World Trade Organization ruling on the American Boeing company, especially that the European Trade Commissioner repeatedly asked the United States in advance. And again the necessity of stopping the restrictions it imposed recently on European trade, especially European aircraft.
In another context, we also followed on Monday, the chief European commissioner in the file of Britain’s exit from the European Union, Michel Barnier, reported through his official account on Twitter that the European Union and Britain are doubling their efforts to reach an agreement on the future partnership between Brussels and London, and this came amid the market's aspiration for any developments On the reshaping of future relations between the European Union and Britain in the wake of the recent Brexit.
Technical analysis
The EUR / USD pair conducted a test to support the ascending channel that appears in the image and bounced back up from there, to keep the bullish trend scenario valid and effective for the upcoming period, and we believe that the path is open to head towards our positive targets which are at 1.1955 then 1.2011.
The SMA 50 continues to support the suggested bullish wave, keeping in mind that a break of 1.1795 will pressure the price to test 1.1720 directly before any new attempt to rise.
The expected trading range for today is between 1.1750 support and 1.1940 resistance.
The expected general trend for today: Bullish