EURUSD analysis 22.07.2020

The single currency fluctuated the euro in a narrow range tilted to the upside during the Asian session to witness the highest since January 10, 2019, when it tested the highest since October 17, 2018 against the US dollar and amid the scarcity of economic data on the economies of the euro area and before developments The economic data expected today by the US economy, the largest economy in the world.

At 05:28 am GMT, the euro pair rose against the US dollar by 0.12% to 1.1541 levels, compared to the opening levels at 1.1527 after the pair achieved the highest level in a year and a half at 1.1547, while achieving the lowest during the trading session at 1.1524.

Investors are currently awaiting the release of the housing market data by the US economy, with the release of the housing price index, which may explain the acceleration of growth to 0.3% compared to 0.2% last April, before the release of the existing home sales index, which may reflect a rise of 24.5% To about 4.77 million homes, compared to a decline of 9.7% at about 3.91 million homes last May.

Technical analysis

The euro against the dollar pair begins trading today with a further increase to achieve our second expected goal at 1.1550, and we see that the path is open to achieving more expected gains during the coming period, as the price moves inside bullish channels that support the chances of the continuation of the upward trend in the immediate and short term, with reference to Our next stop is 1.1715.

Thus, we await more bullish bias during the upcoming sessions, taking into consideration that the continuation of the bullish wave requires stability above 1.1420 and the most important above 1.1365.

The expected trading range for today is between 1.1470 support and 1.1650 resistance

Expected trend for today: bullish