EUR analysis 29.07.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session to see its rebound for the second session in three sessions from its lowest since May 19, 2017 against the US dollar on the eve of developments and economic data expected Monday by the fourth largest Euro-zone economies Spain and the lack of economic data earlier this week by the US economy.

At 0519 GMT, the EURUSD rose 0.01% to 1.1128, compared to the opening at 1.1127, after reaching a high of 1.1139 and a low of 1.1120.

The markets are now looking for inflation data for Spain with the annual CPI reading, which may reflect a rapid growth to 0.6% versus 0.4% in June. Otherwise, we also followed Spain last week. Spanish Prime Minister Pedro Sanchez failed to win With the confidence of the House of Representatives, leaving it to a dead end until September 23 to find a formula that would allow it to remain in power or hold early parliamentary elections in Spain by next November.

On the other hand, markets are looking to kick off the FOMC meeting on Tuesday in Washington ahead of next Wednesday's disclosure of the decisions and directions of the Fed's monetary policy makers and the upcoming Federal Reserve Governor Jerome Powell's upcoming press conference in the shadow of expectations for interest rate cuts Federal Reserve by 25 basis points to between 2.00% and 2.25%.

Technical Analysis

The EUR / USD pair has shown a strong movement in the past sessions to fluctuate within a tight run around 1.1130. Therefore, there is no change in the expected bearish trend for the coming period, which depends on stability below 1.1180, while its targets start to break above the 1.1100 level About 1.1000.

The trading range for today is expected between 1.1040 and 1.1200 support

The general trend for today is bearish.