EURUSD analysis 22.05.2020

The single currency fluctuated the euro in a narrow range tilted toward decline, to witness its bounce to the third session from the top since the beginning of May, when it tested its highest since early April against the US dollar on the threshold of the European Central Bank's disclosure of the accounts of the European Central Bank's monetary policy meeting, which Held at the end of last month and amid the scarcity of economic data today, Friday, by the US economy, the largest economy in the world.

At 05:21 am GMT, the euro against the US dollar fell 0.24% to 1.0924 levels, compared to the opening levels at 1.0950 after the pair achieved its lowest level during the trading session at 1.0919, while achieving the highest at 1.0954.

The markets are currently awaiting the European Central Disclosure of the minutes of its last meeting, in which it decided to maintain interest rates at zero levels and fix the marginal lending rate at 0.25%, in addition to keeping the interest rate on deposits negative -0.50%, in addition to increasing the size of the emergency bond purchase package. (PEPP) rose by 500 billion euros to 1.25 trillion euros

Technical analysis

The euro against the dollar ended yesterday's trading below the level of 1.0966, which puts the price under the expected negative pressure during the coming period, paving the way for the trend towards 1.0840 as a next negative station.

Therefore, a bearish bias will be favored for today, given that breaching 1.0966 and holding above it again will reactivate the bullish trend scenario whose first positive target is located at 1.1067.

The expected trading range for today is between 1.0840 support and 1.1020 resistance.

Expected trend for today: bearish.