EUR Analysis 22.10.2019

The single currency of the European Union fluctuated in a narrow and bullish range during the Asian session to witness the rebound of the twelfth session in the sixteen of the lowest since May 12, 2017 against the US dollar and amid the lack of economic data by the economies of the euro area and on the eve of developments The economic data expected on Tuesday by the US economy, the largest economy in the world.

At 04:54 AM GMT, the EURUSD rose 0.03% to 1.1153 levels compared to the opening at 1.1150, after the pair reached its highest level during the session at 1.1157, while the pair achieved the lowest at 1.1146.

Investors in the US economy are awaiting the release of the housing market data with the release of the Existing Home Sales which may show a decline of 0.7% to 5.45 million versus a rise of 1.3% at 5.49 million in August. The Richmond Manufacturing Index may show contraction shrinking to 7 vs. 9 last September.

Technical Analysis

EUR / USD is fluctuating around the 1.1150 level, and the Stochastic has eliminated its negative momentum to reach oversold areas, waiting for the price to stimulate resuming the bullish bias in the coming sessions, where the price needs to breach the 1.1180 level to confirm the extension of the bullish wave towards 1.1280.

Therefore, we will continue to favor the bullishness over intraday and short term basis, provided that the price maintains its stability above 1.1060.

Expected trading range for today is between 1.1060 support and 1.1250 resistance.

Expected trend for today: Bullish.