EUR analysis 24.06.2019

The single currency of the European Union region fluctuated in a narrow upward range during the Asian session, its lowest since March 22 against the US dollar on the brink of developments and economic data expected Monday by the biggest euro area economies Germany and amid a lack of economic data by The US economy is the world's largest economy earlier this week.

At 5:37 am GMT, the EURUSD rose 0.08% to 1.1378 compared to the opening at 1.1360, the pair's lowest level during the trading session, while the pair reached its highest level in three months at 1.1386, The week started at a low price gap after closing last week at 1.1369.

Markets are currently looking for the German economy to reveal the IFO Business Climate Index, which may reflect a contraction of 97.4 versus 97.7 in May, and the same indicator of expectations may see a widening to 94.6 versus 95.3 in May , And the reading of the same indicator for the current assessments may also show that the spread widened to 100.3 versus 100.6 last month.

Technical Analysis

EURUSD is showing further bullishness towards the 1.1400 barrier on its way to our main target at 1.1443, and the bullish trend remains likely for today, noting that a breach of the target will extend the upside wave to 1.1565 as the next major stop.

SMA 50 continues to support the suggested bullish wave, noting that stability above 1.1320 represents the first condition for its continuation.

The trading range for today is expected among 1.1300 support and 1.1480 support.

The general trend for today is bullish.