EURUSD 23.06.2020

The single currency fluctuated the euro in a narrow range slashing up during the Asian session to witness its bounce for the second consecutive session from the lowest since June 3 against the US dollar on the cusp of developments and economic data expected today by the economies of the euro area and the US economy the largest economy in the world.
 
At exactly 05:39 AM GMT, the euro pair rose against the US dollar by 0.04% to 1.1265 levels, compared to the opening levels at 1.1261, after the pair achieved its highest level during the trading session at 1.1281, while achieving the lowest at 1.1233.
 
The markets are currently awaiting for the French economy, the second largest economy in the euro area, and the German economy, the largest economy in the euro area, in addition to the economies of the region as a whole. The region as a whole.
 
On the other hand, investors are currently awaiting the disclosure of the initial reading of the Markit Industrial and Service Purchasing Managers Index for the United States of America, which may reflect the expansion of the industrial sector in the largest industrial country in the world to a value of 50.0 compared to a contraction of $ 39.8 in the previous reading of the month of May Last May, while we may witness the shrinking of the service sector to 46.9, compared to 37.5 in May.
 
This comes before we witness from the US economy the release of the Richmond Industrial Index reading, which may reflect the contraction of shrinkage to 3 versus 27 in May, in conjunction with the disclosure of housing market data with the release of new home sales, which may indicate an increase of 3.5 % To about 637 thousand homes, compared to a 0.6% increase at about 623 thousand homes last April.
 
 
Technical analysis

  
The EURUSD pair is making attempts to breach the 1.1270 level with the opening of trading today, to provide indications of the price trend to achieve more gains in the short and the short term, paving the way for heading towards the next positive station that extends to 1.1420.
 
Consequently, a bullish bias will be favored for today, supported by the move above the 50-moving average, taking into consideration that failure to achieve the required breach will put the price under negative pressure targeting mainly the 1.1175 level visit.
 
The expected trading range for today is between 1.1200 support and 1.1370 resistance
 
Expected trend for today: bullish