The single currency of the European Union region fluctuated in a narrowly bearish range during the Asian session as it rebounded to its second highest session since March 22 against the US dollar on the eve of developments and economic data expected Monday by the third largest economy of the eurozone. The largest economy in the world.
At 05:03 am GMT, the EURUSD dropped 0.11% to 1.1308 compared with the opening at 1.1321, after reaching its lowest level at 1.1307, while reaching a high of 1.1331. This week's trading on a bearish price gap after closing last week at 1.1334 levels.
The markets are currently looking for Italy to release the industrial production index, which may reflect a rise of 0.2% from 0.9% in March, otherwise investors are waiting for the outcome of the talk of ECB President Mario Draghi on Tuesday, which is expected to cast Opening Remarks at the ECB Conference on Central European Countries, East and South-East Europe in Frankfurt.
On the other hand, the markets are currently looking at the US economy for a statistical reading of job opportunities and job turnover, which could reflect a rise to 7.50 million from 7.49 million in March, hours after the release of labor market data at the end of last week Which showed a stable unemployment rate at its lowest level in 49 years at 3.6%, unchanged from last April, in line with expectations.
In the same context, we also followed last Friday's reading of the Non-Farm Employment Change Index showed a slowdown in job creation to 75,000 added jobs, compared to 224,000 jobs added in April, while the average income per hour showed stable growth at 0.2%, unchanged from April, in contrast to expectations of a 0.3% growth rate.
EURUSD managed to reach our first positive target at 1.1350, and some slight bearishness is seen to settle above the 1.1300 barrier. The positive scenario remains valid for the coming period based on stability above 1.1255 as a first condition, supported by the move above SMA 50, 1.1443 as the next main station.
Therefore, we are waiting for positive trading today, taking into account that breaking the 1.1255 and then the 1.1180 will stop the expected rise and reactivate the bearish scenario in the short term.
The trading range for today is expected between 1.1255 and 1.1400 resistance.
The general trend for today is bullish.