EUR analysis 23.03.2020

The single currency, the euro, rose during the Asian session to witness its rebound from the lowest since 21 April 2017 against the US dollar on the threshold of the disclosure of the monthly report of the German Central Bank later Monday, amid the scarcity of economic data by the US economy at the beginning of this week and in the shadow of growing Fears of a global outbreak of the Coronavirus virus and investor's assessment of global stimulus to confront Corona affiliates in the global economy.

At exactly 05:35 am GMT, the euro pair rose against the US dollar by 0.50% to 1.0749 levels compared to the opening levels at 1.0695 after the pair achieved its highest level during the trading session at 1.0750, while achieving the lowest in three years at 1.0636, with Knowing that the pair concluded the trading last week at 1.0688 levels, before it started the trading session on an upward price gap.

Technical analysis

The decline in the euro against the last dollar stopped at the level of 1.0637, to end last Friday's trading above the support of the descending channel that appears in the picture, noting that the price starts the day with an upward tendency in a sign to resume the corrective corrective attempts, on its way to test 1.0777 then 1.0840 levels mainly.

Thus, the bullish bias will be likely for today, noting that breaching 1.0685 then 1.0637 levels will stop the positive scenario and press the price to resume the main downside trend again.

The expected trading range for today is between 1.0650 support and 1.0840 resistance.

Expected trend for today: bullish.