The single currency, the euro, rose during the Asian session to witness its resumption from its lowest since June 3 for the third session in six sessions against the US dollar on the cusp of developments and economic data expected today Monday by the euro zone and the US economy, and in light of investors' assessment of the Corona virus outbreak amid Concern about a second wave, particularly as the United States reconsiders plans to reopen it.
At 05:26 am GMT, the euro pair rose against the US dollar by 0.22% to 1.1248 levels, compared to the opening levels at 1.1223 after the pair achieved its highest level during the trading session at 1.1249, while achieving the lowest at 1.1217, knowing, The pair eased the session on an upward price gap after it concluded the trading last week at 1.1219 levels.
Markets are looking to the largest euro zone economies, Germany, to disclose inflation data with the release of the first reading of the consumer price index, which may reflect 0.3% growth versus a 0.1% contraction last May, before we witness by Spain, the fourth largest economy in the region, also On the annual reading of the same index, which may reflect the stability of the contraction at 0.9%, little changed from what it was in May.
On the other hand, investors are anticipating by the US economy the disclosure of housing market data with the release of existing home sales, which may show a shrinking decline to 15.0% compared to 20.8% last April. Otherwise, the markets look to tomorrow after the testimony of the Reserve Bank governor’s testimony Federalist Jerome Powell with US Treasury Secretary Stephen Mnuchin via satellite in front of the House Financial Services Committee in Washington.
The EURUSD pair continues to fluctuate in a sideways path, sandwiched between the pivotal levels represented by the support 1.1175 and the resistance 1.1270, which makes us continue on our sharpness until the price is able to breach one of these levels and determine its next direction more accurately.
We recall that the breach of the mentioned support will pressure the price to make more bearish correction and head towards additional negative targets that start at 1.1100 and extend to 1.1022, while breaching the resistance represents the key to resuming the main bullish trend whose next target is located at 1.1420.
The expected trading range for today is between 1.1140 support and 1.1340 resistance.
Expected trend for today: It depends on the levels mentioned in the report.