EURUSD analysis 16.11.2020

The single currency, the euro, fluctuated in a narrow, rising range during the Asian session against the US dollar on the cusp of developments and economic data expected today, Monday by the economies of the euro area and the US economy, the largest economy in the world, which includes the speech of the European Central Bank, Christine Lagarde, and the speech of the Federal Open Market Committee member. Richard Clarida online.

At exactly 06:49 AM GMT, the euro pair rose against the US dollar by 0.18% to 1.1850 levels compared to the opening levels at 1.1829, after the pair achieved its highest level during the session's trading at 1.1855, while it reached its lowest level at 1.1828, knowing that The pair started the session on a descending gap after ending last week’s trading at 1.1834 levels.

Investors are currently waiting for the European Central Bank to unveil the semi-annual report to review financial stability, before we witness the speech of the European Central Bank, Christine Lagarde, at the Leaders for Change summit organized by the World Economic Forum. The file of Britain's exit from the European Union, especially with the approaching final deadline.

On the other hand, investors are awaiting the US economy to reveal the industrial sector data for the largest industrial country in the world with the release of the New York Industrial Index, which may reflect an expansion to a value of 13.8 compared to 10.5 last October, and this comes before we witness the participation of a member The Federal Open Market Committee and Fed Deputy Governor Richard Clarida in an online discussion hosted by the Brookings Institution.

Technical analysis

The EUR / USD pair resumes its positive trading after confirming the return to the bullish channel that appears in the image, which supports the continuation of our bullish expectations in the intraday and short term, and the way is open for us to head towards our next main target that reaches 1.2011.

The SMA 50 supports the price from below to reinforce the positive expectations, which will remain valid as long as it is stable above 1.1820, as breaking this level will put the price under negative pressure again, heading towards testing 1.1720 areas before any new attempt to rise.

The expected trading range for today is between 1.1800 support and 1.1950 resistance

The expected general trend for today: Bullish