EUR analysis 02.07.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its lowest rebound since June 20 against the US dollar on the eve of economic developments and data expected on Tuesday by the Euro-Zone economies and amid a lack of economic data by The US economy is the largest economy in the world.

At 5:11 am GMT, the EURUSD rose 0.03% to 1.1289, compared to the opening at 1.1286, after reaching the highest level at 1.1290, while the pair reached its lowest level in two weeks at 1.1275.

The markets for Germany, the biggest economy in the eurozone, are looking for a reading of the Retail Sales Index, which could reflect a 0.5% rise from April's -2.0% decline, while the same index may slow growth to 2.7% versus 4.0% before we see By France's second-largest economy revealed the treasury budget for last month.

Leading to the reading of Spain's Unemployment Change, the fourth-largest economy in the euro zone, which could reflect a widening of the decline to 90.0K from 84.1K in May before we see the economies of the region as a whole Detect inflation data with the PPI reading May reflect a 0.1% growth versus a 0.3% contraction in April, while the annualized reading for the same index may show a slowdown in growth to 1.8% versus 2.6%.

On the other hand, investors are currently looking forward to what Federal Reserve Federal Reserve Chairman and Federal Reserve Bank of New York Chairman John Williams, who is scheduled to take part in a panel discussion on the future of global economic and monetary policy at the event in Zurich, Swiss Union.

Technical Analysis

EURUSD is trading at 1.1280 after yesterday's strong drop, and we still expect the bearish bias to continue to support the bullish channel which is now rising to 1.1230, noting that this resistance to the current negative pressure will push the pair upwards And resume the main bullish trend again.

All in all, the bearishness will remain bearish for the next sessions unless the price is pushed to breach the 1.1350 level and stabilize above it.

The trading range for today is expected between 1.1200 and 1.1350 support.

The general trend for today is bearish.