EUR analysis 17.02.2020

The euro currency fluctuated in a narrow range tilted to the upside during the Asian session to witness its bounce to the second session from the lowest since April 24 of 2017 against the US dollar on the threshold of developments and economic data expected at the beginning of this week by the economies of the euro area and amid the scarcity of data Economic Monday by the US economy due to the Presidents Day holiday in the United States.

At 05:06 AM GMT, the euro pair rose against the US dollar by 0.04% to 1.0838 levels compared to the opening levels at 1.0834, after the pair achieved its highest level during the trading session at 1.0844, while achieving the lowest at 1.0821, knowing that The pair started the trading session on an upward price gap after it concluded the trading last week at 1.0831 levels.

The markets are currently looking forward to launching the meetings of the Eurogroup, which the finance ministers of the member states in the region are attending, the Commissioner for Economic and Monetary Affairs and the European Central Governor, which discusses many financial issues such as mechanisms to support the euro and government funding, as investors look to later in the day to reveal the bank’s monthly report German Central.

Technical analysis

The EURUSD pair remains below 1.0860, and therefore, the bearish trend scenario is still effective for the coming period, supported by the negative pressure that SMA 50 constitutes, and the path is open to achieving our next target which is located at 1.0760.

We remember that the downside trend is expected in the medium and long term, taking into consideration that a breach of 1.0860 represents a positive key that will lead the price to start recovery attempts and make some bullish correction.

The expected trading range for today is between 1.0750 support and 1.0900 resistance

Expected trend for today: bearish.