EUR Analysis 25.11.2019

The single currency fluctuated in a narrow range against the US dollar on the eve of developments and economic data expected on Monday by Germany, the euro zone's largest economy and the upcoming talk of the governor Federal Reserve Jerome Powell in Rhode Island.

At 05:27 am GMT, the euro fell against the US dollar by 0.03% to 1.1023 levels compared to the opening levels at 1.1026 after the pair reached its lowest level during the session at 1.1014, while achieving the highest at 1.1029, knowing that the pair started This week it is trading on a bullish price gap after closing last week at 1.1021 levels.

Markets are looking ahead to Germany's release of the IFO Business Climate which may show an expansion to 94.9 vs. 94.6 last October, and the reading of the same indicator of expectations may show an expansion to 92.5 vs. 91.5. It also expanded to 97.9 from 97.8 in October.

Technical Analysis

The EUR / USD pair ended the trading session on Friday with a strong decline and confirmed the breach of 1.1065, to activate the bearish scenario again, affected by the double top pattern, which appears in the picture, waiting for further decline in the coming sessions.

Our expected targets start at 1.0995 then 1.0950, taking into consideration that a break of 1.1065 will stop the expected decline and lead the price to start new recovery attempts targeting mainly 1.1105 then 1.1180 areas.

Expected trading range for today is between 1.0950 support and 1.1180 resistance.

Expected trend for today: Bearish.