EUR analysis 27.05.2019

The single currency of the European Union region fluctuated in a narrowly bullish range during the Asian session to see its third session retreat from its lowest level since May 19, 2017 against the US dollar amid a lack of economic data from the Eurozone economies earlier this week. The US market was absent on Monday due to the US Memorial Day holiday.

At 05:27 GMT, the EURUSD rose 0.07% to 1.1211, compared to the opening at 1.1199, after recording a high of 1.1215 and a low of 1.1190. Ended last week at 1.1203 before opening the week with a bearish price gap.

We have followed Sunday the expiration of the European Parliament elections on 751 seats, which is expected to see the first meeting after the disclosure of the results of the elections formally later on July 2 next, amid preliminary results showed that the parties that were demanding restrictions on immigrants to the EU and limit the EU's influence on European countries has made little progress.

Technical Analysis

The major currencies and commodities are showing weak and tight trading, affected by the holiday of the financial markets of most banks, which keeps the suggested scenarios in our recent reports unchanged. We recommend reviewing our previous reports to identify pivotal levels and expected targets for the coming period.