EURUSD analysis 22.04.2020

The single currency fluctuated the euro in a narrow range slanted toward decline during the Asian session to witness its rebound to the fifth session in six sessions from the top since the beginning of April this year against the US dollar amid the scarcity of economic data by the economies of the euro area and on the cusp of developments and economic data expected today Wednesday by The American economy is the largest economy in the world.

At 05:11 am GMT, the euro against the US dollar fell 0.09% to 1.0848 levels, after the pair achieved its lowest level during the trading session at 1.0845, while achieving the highest at 1.0864.

Investors are currently awaiting by the US economy the release of the house price index, which may explain the acceleration of growth to 0.4% compared to 0.3% last January, and that comes hours after the Senate announced the agreement of the two poles of the American Republican Party and the Democratic Party on A program to support small businesses facing the consequences of the $ 484 billion outbreak of the Coronavirus.

Technical analysis

The euro against the dollar ended yesterday's trading above 1.0840 after recent attempts to break it, and gets positive support from the stochastic, while facing continuous negative pressure from the EMA50, to hinder the price attempts to recover.

Consequently, the price is stuck between pivotal levels represented by support 1.0840 and resistance 1.0880, and it needs to penetrate one of them to determine its next direction more accurately, with the indication that breaking the mentioned support will pressure the price to decline towards 1.0700 levels then 1.0640 as the next negative stations, while the breakout of the resistance will lead the price to recover and test Initially 1.0966.

The expected trading range for today is between 1.0740 support and 1.0966 resistance

Expected trend for today: It depends on the levels mentioned in the report.