EUR analysis 09.07.2019

The single currency of the European Union region fluctuated in a tight range to rise during the Asian session to see its rebound to its second-lowest session since June 19 against the US dollar on the eve of economic developments and data expected Tuesday by the Italian economy and its US counterpart, Fed Jerome Powell and members of the Federal Open Market Committee.

At 4:31 am GMT, the EURUSD rose 0.02% to 1.1216, compared to the opening at 1.1214 after the pair reached a high of 1.1219 and a low of 1.1210.

The markets are currently looking for Italy's third-largest economy to read retail sales, which could show a 0.2% rise from zero in April, following Brussels's decision to stop countermeasures against Rome. The European Michel Barnier with the Minister of the file of Britain's exit from the European Union, Stephen Barclay as part of talks between the parties on the issue of Britain's exit from the Union.

On the other hand, investors are currently waiting for Fed Chairman Jerome Powell to present the opening remarks at the event hosted by the Federal Reserve Bank, before we also see the US economy reading a statistical employment and employment turnover that may reflect a rise to 7.51 million versus 7.44 Million in April.

Federal Open Market Committee Chairman James Pollard, who is due to deliver the opening address at the meeting of the Federal Forum on Cash and Financial Institutions in St. Louis and Federal Reserve Vice Governor Randall Quarles, who is scheduled to speak about the test Stress at the event hosted by the Boston Federal Reserve Bank.

Technical Analysis

The EUR/USD pair is trading sideways to gradually approach our awaited target at 1.1180, and the 50 MA continues to push the pair lower to support the breach of the mentioned level and open the way to targeting 1.1100 as a next downside.

Therefore, we will continue to bias the downside during the coming period unless the 1.1260 - 1.1275 levels are breached and stability above it.

The trading range for today is among the key support at 1.1130 and resistance at 1.1275.

The general trend for today is bearish.