The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to appeal to the second session of its session since June 6 against the US dollar on the eve of developments and economic data expected Monday by the largest economies of the euro zone Germany and the US economy The world's largest economy.
At 4:15 am GMT, the EURUSD rose 0.11% to 1.1220, compared to the opening at 1.1213, after recording a high of 1.1224, while reaching a low of 1.1205. This week's trading on a bullish price gap after closing last week at 1.1208 levels.
Investors in Germany are waiting for the release of the German central bank's monthly report before we see ECB President Mario Draghi deliver the opening remarks at the ECB's central bank meeting in Portugal. We are expected to see ECB President Draghi at the same forum For central banks on Tuesday.
On the other hand, investors are looking for the US economy, the world's largest industrial nation, to read the New York Manufacturing Index, which may reflect the contraction of the widening to 12.1 versus 17.8 in May before we witness the release of housing market data with the Housing Index reading By the National Association of Home Builders, which may reflect an expansion to the value of 67 versus 66 in May.
This comes hours before the start of the meeting of the Federal Open Market Committee in Washington, which is expected to keep the interest rates between 2.25% and 2.50% for the fourth meeting in a row, as markets look to reveal the Commission's expectations of growth rates, inflation and unemployment In addition to the future interest rates for the next three years and the forthcoming press conference of Federal Reserve Governor Jerome Powell on Wednesday.
EURUSD oscillates around SMA 50 and holds steady above 1.1180 so far, noting that Stochastic is negating its negative momentum significantly to reach the oversold areas, posing a positive incentive that is expected to help push the pair higher again. .
Therefore, the main bullish scenario will remain intact for the coming period unless the 1.1180 level is broken and stability below it, with our main target expected to reach 1.1443.
The trading range for today is among the key support at 1.1150 and resistance at 1.1300.
The general trend for today is bullish.