EUR analysis 07.08.2019

The euro-zone single currency fluctuated in a narrow, bullish range during the Asian session to see its fourth session rebound in five of its lowest since May 16, 2017 against the US dollar on the eve of developments and economic data expected on Wednesday by dotted economies The euro and the US economy are the largest in the world.

At 05:30 AM GMT the EURUSD rose 0.09% to 1.1209 levels from the opening at 1.1199, after the pair reached a session high of 1.1220 and a low of 1.1198

Markets from Germany, the euro zone's largest economy, are looking for a seasonally adjusted industrial production reading which may reflect a 0.5% decline versus a 0.3% rise in May, while an annual non-seasonally adjusted reading of the index may show the decline to 3.1% versus 3.7%. Before we see the release of the trade balance of France, the second largest economy in the region, which may show the widening of the deficit to 4.0 billion euros from 3.3 billion euros in May.

On the other hand, investors are currently awaiting the outcome of the FOMC member and the President of the Federal Reserve Bank of Chicago, Charles Evans, at a media breakfast hosted by the Federal Reserve Bank of Chicago. Worth $ 16.4 billion compared to $ 17.1 billion last May.

Technical Analysis

EUR / USD is trading above 1.1180, keeping our expectations for the bullish intraday direction, targeting 1.1350 then 1.1443 as the next major stops.

Keep in mind that failure to hold above 1.1180, breaking it and holding back below it will reactivate the bearish scenario, where the first major target is at 1.1000.

Expected trading range for today is between 1.1140 support and 1.1300 resistance.

The general trend for today is bullish.