EURUSD analysis 24.06.2020

The single currency fluctuated the euro in a narrow range slanting back down during the Asian session to witness its bounce for the second session from its top since September 28 of 2018 against the US dollar. Before the economic developments and data expected on Friday by the economies of the euro area and the US economy the world.

At exactly 05:35 am GMT, the euro against the US dollar fell 0.02% to 1.1594 levels, compared to the opening levels at 1.1596, after the pair achieved its lowest level during the trading session at 1.1590, while achieving the highest at 1.1621.

The markets are looking for the French economy, the second largest in the euro area, and the German economy, the largest in the euro area, in addition to the region’s economies as a whole. The first reading of the Markit index for industrial and service purchasing managers for the current month, which may reflect the increase in the service and industrial sector in France and the contraction of the industrial sector and the expansion of the sector Services in Germany and both sectors in the region as a whole.

On the other hand, investors are awaiting the disclosure of the initial reading of the Markit manufacturing and services PMI for the United States, which may reflect the expansion of the industrial sector in the largest industrial country in the world to a value of 52.0 compared to a contraction at 49.8 last June, and we may also witness a widening The service sector rose to 51.0, compared to a contraction of 47.9 in June.

This comes before the release of the housing market data before the American economy, with the release of the New Home Sales Index, which may indicate a 4.0% increase to about 700 thousand homes compared to a rise of 16.6% at 676 thousand homes last May. Otherwise, we followed yesterday, US Treasury Secretary Stephen Manuchin expressed that his country would stabilize the US dollar.

Technical analysis

The EURUSD pair managed to breach 1.1600 and is settling above it now, which supports the continuation of the bullish scenario in an intraday and short term, paving the way for heading towards our next target that reaches 1.1715, supported by the EMA50 that continues to carry the price from below.

On the other hand, it should be noted that a break of 1.1560 will press the price to shift to a downside move over the intraday basis to initially visit 1.1490 areas before any new attempt to rise.

The expected trading range for today is between 1.1540 support and 1.1715 resistance.

Expected trend for today: bullish.