EURUSD analysis 18.08.2020

The single currency, the euro, fluctuated in a narrow, upward sloping range during the Asian session, to witness its highest since the sixth of August, when it tested its highest since May 15, 2018, against the US dollar amid a scarcity of economic data by the economies of the euro area and on the cusp of developments and data. Economic perspective Tuesday by the US economy, the largest economy in the world.

At exactly 06:09 GMT, the euro pair rose against the US dollar by 0.18% to 1.1891 levels, compared to the opening levels at 1.1870, after the pair achieved its highest level during the session's trading at 1.1897, while it reached its lowest level at 1.1866.

Investors are currently awaiting the US economy to unveil the housing market data with the release of both the Housing Starts Index and the Building Permit Index, and amid expectations that the building permit reading will reflect an increase to about 1.33 million permits, compared to about 1,226 million permits last June. The home start-up reading may reflect an increase to about 1.23 million homes, compared to about 1.19 million homes in June.

Technical analysis

The EUR / USD pair opens the trading day with a noticeable positivity, approaching our first awaited target at 1.1908, and getting continuous positive support from the EMA50, waiting to cross this level to confirm the extension of the bullish wave towards 1.2035, which represents our next main target.

Therefore, we will continue suggesting the bullish trend for the upcoming period, bearing in mind that breaking 1.1845 may pressure the price to decline and visit 1.1737 areas again before any new positive attempt.

The expected trading range for today is between 1.1800 support and 1.1990 resistance.

The expected general trend for today: Bullish.