The euro-zone single currency fluctuated in a narrow, bullish range during the Asian session to see its fourth session rebound in seven of its lowest since May 15, 2017 against the US dollar amid the lack of economic data from the euro-zone economies and on the eve of developments The economic data expected on Wednesday by the US economy, the largest economy in the world.
At 05:11 AM GMT the EURUSD rose 0.08% to 1.1052 levels from the opening at 1.1043, after hitting a session high of 1.1056, while a low of 1.1038.
Investors are currently awaiting the US economy to release the PPI reading, which is a preliminary indicator of inflationary pressures that may reflect the acceleration of steadyness at zero levels against 0.2% growth in July, while the core reading of the same indicator may show stable growth at 0.2%. An annualized reading of the same index may also show growth stabilizing at 1.7%.
In the same context, the core annual PPI reading may reflect a 2.2% vs. 2.1% advance in July, before we see the final release of the wholesale inventory index, which could show a stable growth of 0.2%, little changed from The initial reading for the month of July and against the stability at zero levels last June.
EURUSD continues to fluctuate in a tight path, keeping the bullish scenario intact over intraday basis, noting that the rally is temporary, waiting to test 1.1100 before resuming the bearish trend, taking into consideration that breaching the target will push the price to 1.1180 As a next positive target, a break of 1.1005 will stop the expected rally and press the price down again.
Expected trading range for today is between 1.0970 support and 1.1140 resistance.
Expected trend for today: Temporarily bullish.