EURUSD analysis 09.11.2020

The single currency, the euro, fluctuated in a narrow range that tends to rise during the Asian session, to witness the highest since September 15th against the US dollar on the cusp of economic developments and data expected today, Monday by the economies of the euro area, which includes the speech of the European Central Bank, Christine Lagarde, at the summit Green Horizons via satellite and amid scarce economic data early this week by the US economy, the world's largest.

At 06:24 AM GMT, the euro pair rose against the US dollar by 0.10% to 1.1894 levels compared to the opening levels at 1.1882, after the pair achieved its highest level in eight weeks during the session's trading at 1.1896, while it achieved its lowest level during the session's trading session. At 1.1876, knowing that the pair started the session with a rising gap after ending last week’s trading at 1.1874.

The markets are looking forward to the disclosure by Germany, the largest economy of the euro area, of the seasonally adjusted reading of the trade balance index, which may show the expansion of the surplus to a value of 17.2 billion euros compared to 15.7 billion euros last August, and this comes before we witness the economies of the eurozone as a whole. The reading of the Sentex consumer confidence index, which shows the expansion of the contraction to a value of 15.0 versus 8.3 in September.

On the other hand, investors are currently awaiting the American economy, what will be revealed by a member of the Federal Open Market Committee and President of the Cleveland Federal Reserve, Loretta Meester, in a virtual financial technology conference hosted by the Philadelphia Federal Reserve, and it is mentioned that the Federal Reserve last week kept interest rates for the meeting The sixth is at its lowest ever, between zero and 0.25%.

Technical analysis

The EUR / USD pair continues to provide positive trading, to reach our first target of 1.1900, and we believe that the road is open for more gains in the coming sessions, reminding you that our next main target will reach 1.2011.

Thus, the bullish trend scenario will remain valid and effective in the intraday and short term, supported by the EMA50, bearing in mind that the continuation of the bullish wave requires stability above 1.1785, and most importantly above 1.1720.

The expected trading range for today is between 1.1800 support and 1.2000 resistance

The expected general trend for today: Bullish