The single currency of the European Union region fluctuated in a narrow upward range during the Asian session as it continued its first weekly loss in three weeks 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.
At 04:46 GMT, the EURUSD rose 0.04% to 1.1178, compared to the opening at 1.1174, after reaching the highest level at 1.1180, while reaching a low of 1.1171.
Investors are now eyeing the euro-zone economy as a whole to release inflation data with the annual CPI reading, which could reflect a stable 1.7% growth, unchanged from March's preliminary reading, versus 1.4% growth in February Last February, and the core annual reading of the index itself may show growth stability at 1.2% versus 0.8% in February.
This comes in conjunction with the meetings of ministers of finance ministers of the Euro-zone ECOFIN in Brussels, which discuss many financial issues such as mechanisms to support the euro and government funding, and these meetings are closed to the press, but officials usually talk to reporters throughout the day, and the ECB member Ignazio Vico said yesterday that both the global economy and the euro area are under pressure from US trade protectionism.
On the other hand, investors are currently looking for the US economy to release the University of Michigan consumer confidence index, which may reflect a widening to 97.8 versus 97.2 last April, as consumers forecast inflation for one year to come and five years ahead, With the release of leading indicators that may reflect slowing growth to 0.2% versus 0.4% in March.
EURUSD managed to close the daily candlestick below 1.1180, reinforcing expectations that the bearish trend will continue to be effective over the short and medium term, noting that our main awaited targets start at 1.1100 and extend to 1.1000.
SMA 50 continues to support the suggested bearish wave, noting that a break of 1.1250 will halt the expected decline and push the price to start recovery attempts targeting 1.1443 areas mainly.
The trading range for today is among the key support at 1.1090 and resistance at 1.1250
The general trend for today is bearish