EURUSD analysis 17.08.2020

The single currency, the euro, fluctuated in a narrow, upward range during the Asian session, to witness its rebound for the fourth consecutive session from the lowest since the third of August against the US dollar amid a scarcity of economic data by the economies of the euro area and on the cusp of economic developments and data expected today, Monday before. The American economy is the largest in the world.

At 06:15 AM GMT, the euro pair rose against the US dollar by 0.12% to 1.1856 levels, compared to the opening levels at 1.1844, after the pair achieved its highest level during the session's trading at 1.1868, while it reached its lowest level at 1.1833, knowing that The pair commenced the session on a rising gap, after ending last week’s trading at 1.1842 levels.

Investors are currently awaiting the American economy, the largest industrial country in the world, for the release of the New York Industrial Index, which may reflect a contraction of the expansion to a value of 14.6 compared to 17.2 in July, and this comes before we witness the disclosure of housing market data with the release of the housing index reading. By the National Association of Home Builders which may reflect a rise to $ 74 versus 72 in July.

Technical analysis

The euro versus dollar pair opens today's trading with a bullish tendency to resume the bullish path suggested in our recent reports, which supports the continuation of the bullish trend scenario in the intraday and short term, waiting for a test of 1.1908, which represents our next target, noting that breaching this level will extend the bullish wave to reach 1.2035 As the next major stop.

The SMA 50 continues to support the suggested bullish wave, which will remain valid as long as it is established above 1.1800, and most importantly above 1.1737.

The expected trading range for today is between 1.1780 support and 1.1950 resistance.

   We recommend buying the pair above 1.1825 levels, a target of 11900, and stopping a loss below 1.1785.

The expected general trend for today: Bullish.