The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness its bounce for the third consecutive session from the top since last December 26 against the US dollar amid the scarcity of economic data by the euro zone economies and on the cusp of developments and economic data expected today Tuesday By the American economy the largest economy in the world.
At exactly 05:55 AM GMT, the pair rose the euro against the US dollar by 0.03% to 1.1137 levels compared to the opening levels at 1.1134, after the pair achieved its highest level during the trading session at 1.1142, while achieving the lowest at 1.1131.
Investors are currently looking for the US economy to disclose inflation data with the release of the consumer price index, which may reflect a slowdown in growth to 0.2% compared to 0.3% last November, while a substantial reading of the same indicator may show stability in growth of 0.2%, while The annual reading of the index may indicate the acceleration of growth to 2.4% compared to 2.1%, and the substantial annual reading of the index may reflect the stability of growth at 2.3%.
This comes before the speech of the Federal Open Market Committee member and President of the New York Federal Reserve John Williams about the culture of financial services in a workshop hosted by the London School of Economics, and it is expected that tomorrow, Wednesday, the PPI reading, which is an indicative indicator of inflation, will be issued before members Others on the Federal Committee are Philadelphia Fed President Patrick Harker and Dallas Federal Reserve Chairman Robert Kaplan.
Tomorrow's Big Book report is also scheduled to be revealed tomorrow, whose importance is that it is issued two weeks before the FOMC meeting, which is one of the pillars upon which the Federal Reserve monetary policy makers build their decisions and orientations to support and stimulate the American economy, knowing that The next meeting of the Federal Open Market Committee will be held in Washington on January 28/29.
The euro against the dollar continues to fluctuate at the broken support of the bullish channel that appears in the image, and the price maintains its stability without this resistance, which is at 1.1140, to keep the bearish trend scenario valid for the next period, supported by the negative pressure formed by the moving average 50, waiting for the trend towards 1.1060 which represents Our main goal.
On the other hand, it should be noted that breaching 1.1140 then 1.1180 levels will stop the expected decline and lead the price to resume the main bullish trend that has its first target at 1.1350.
The expected trading range for today is between 1.1060 support and 1.1200 resistance.
Expected trend for today: bearish.