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EURUSD analysis 08.07.2020

The single currency fluctuated the euro in a narrow range slanting up during the Asian session against the US dollar on the threshold of developments and economic data expected by the economies of the euro area, which includes the European Commission's disclosure of its economic forecasts for the summer and amid the scarcity of economic data today Wednesday by the US economy, the largest economy in the world.


At exactly 05:53 AM GMT, the euro pair rose against the US dollar by 0.04% to 1.1278 levels, compared to the opening levels at 1.1274 after the pair achieved its highest level during the trading session at 1.1283, while achieving the lowest at 1.1265.


We followed yesterday, Tuesday, the European Union's Trade Commissioner Phil Hogan expressed the fact that Brussels will take decisive measures against Washington in the event that the United States does not show a willingness to settle the long-standing dispute over supporting the aircraft industry, with his statement that America rejected Europe's proposals to settle the existing conflict and that It is hoped that the World Trade Organization will rule as soon as possible.


It is noteworthy that the dispute between the two parties about the support provided to the aircraft industry, especially for the European Airbus and Boeing Company of America, which erupted since 2004, and the trade organization gave Washington in advance the right to impose fees on European goods worth $ 7.5 billion in response to the support provided by Europe to Airbus, and it is expected By September, the organization will rule on the response that Europe can take about America's support for Boeing.


Technical analysis


The euro against the dollar trades stable above 1.1270, where the EMA50 meets this support to add more strength to it, while the stochastic is showing oversaturation in the selling, which supports the chances of bouncing up to resume the expected bullish direction in the intraday and short term, whose next target exists At 1.1420.


On the other hand, it should be noted that breaking 1.1270 and holding below it will put the price under negative pressure initially targeting 1.1175 areas.


The expected trading range for today is between 1.1200 support and 1.1380 resistance.


Expected trend for today: bullish.

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