The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce to the second session from the lowest since March 2 against the US dollar on the threshold of developments and economic data expected Friday by the economies of the euro area and the US economy the largest economy in the world.
At exactly 06:35 am GMT, the euro pair rose against the US dollar by 0.17% to 1.1204 levels compared to the opening levels at 1.1185, after the pair achieved its highest level during the trading session at 1.1221, while achieving the lowest at 1.1152.
Markets are looking for the largest Eurozone economies to disclose inflation data with the final reading of the consumer price index, which may reflect the stability of growth at 0.4%, unchanged from the previous initial reading in February and against a contraction of 0.6% in January. Last January, in conjunction with the release of the wholesale stock price index also for Germany.
This comes before we witness before the second largest economy in the euro area France The final reading of the consumer price index, which may reflect the stability of stability at zero levels, was little changed from the previous initial reading for the month of February and against a contraction of 0.4% in January, and that comes Hours after the ECB meeting, during which interest rates were kept and the bond purchase program expanded.
On the other hand, investors are currently awaiting by the US economy the release of the import price index, which may indicate a decline of 1.0% against stability at zero levels in January, while the annual reading of the same index may show a decline of 1.6% against a rise of 0.3%, and this comes Before we witness the revelation of the preliminary reading of the University of Michigan index of consumer confidence, which may show a decrease in value to 95.0 compared to 101.0 last February,
Technical analysis
The euro against the dollar held together above 1.1050 after yesterday's strong decline, with a reminder that this level represents the 61.8% Fibonacci retracement level of the last bullish wave, so that the price will move towards starting a new bullish wave, on its way to visit 1.1325 then 1.1457 levels as initial positive targets.
Thus, the bullish trend will be expected for the coming period, supported by the stochastic approaching oversold areas in the sale, taking into consideration that breaking 1.1050 and holding below it will press the price to return to the main descending channel that appears in the picture and achieve additional negative targets reaching 1.0947 then 1.0778.
The expected trading range for today is between 1.1136 support and 1.1325 resistance.
