EUR analysis 30.12.2019

The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to witness its highest since August 13 against the US dollar amid the scarcity of economic data at the beginning of this week by the economies of the euro area and on the cusp of developments and economic data expected today Monday by the American economy The largest economy in the world.

At 05:29 am GMT, the euro pair rose against the US dollar by 0.18% to 1.1199 levels, compared to the opening levels at 1.1179, after the pair achieved its highest level in four months at 1.1211, while achieving the lowest during the trading session at 1.1171 , Knowing that the pair started the trading session on an upward price gap after it concluded the trading last week at 1.1179 levels.

Investors are currently looking for the US economy to release the merchandise trade balance index, which may explain the widening deficit to $ 69.2 billion, compared to $ 66.8 billion last October, before we witness the preliminary reading of the wholesale inventory index, which may reflect accelerated growth. To 0.2%, compared to 0.1% in October.

This comes before we witness the revelation of the reading of the Chicago PMI reading, which may reflect a contraction of deflation to 48.2 compared to 46.3 last November, up to the disclosure of housing market data with the release of existing home sales, which may show an increase of 1.5% compared to It fell 1.7% in October, while the annual reading of the same indicator may show that growth accelerated to 7.4% compared to 3.9%.

Technical analysis

The euro against the dollar pair begins the week's trading with a new rise to exceed our first target 1.1180 and opens the way for heading towards our next target, which is located at 1.1280, reinforcing expectations of the continuation of the bullish trend during the coming period, which is organized within the upward channels that appear in the picture.

Consequently, we are awaiting a further increase in the intraday and short term, noting that exceeding the awaited target will extend the upside wave to reach 1.1418, while the rise will remain valid for the day provided stability above 1.1180, as its break will pressure the price to test 1.1100 areas initially before any attempt New to rise.

The expected trading range for today is between 1.1120 support and 1.1280 resistance.