EURUSD analysis 13.07.2020

The single currency, the euro, rose during the Asian session against the US dollar amid the scarcity of economic data at the beginning of this week by the economies of the euro area and on the cusp of developments and economic data expected on Monday by the US economy, the largest economy in the world.

At 05:29 am GMT, the euro pair rose against the US dollar by 0.30% to 1.1334 levels, compared to the opening levels at 1.1300 after the pair achieved its highest level during the trading session at 1.1335, while achieving the lowest at 1.1299.

The markets are looking forward to the participation of the member of the Federal Open Market Committee and the President of the New York Federal Reserve Bank John Williams in a non-satellite symposium sponsored by the Bank of England and the New York Federal Reserve, and that comes before we witness the US Treasury unveiled a reading of the federal budget, which may reflect the deficit shrinkage to what its value $ 350.0 billion, compared to $ 398.8 billion in May.

Technical analysis

The euro against the dollar pair starts trading today with a new rise to cross the 1.1300 barrier and moves away from it, reinforcing expectations of the continuation of the bullish trend in the immediate and short term.

Therefore, we await further gains during the upcoming sessions, with a reminder that the continuation of the ascending wave requires stability above 1.1270.

The expected trading range for today is between 1.1250 support and 1.1420 resistance.

Expected trend for today: bullish.