The single currency, the euro, declined during the Asian session, to witness its retracement of the third session from its highest since April 23, 2018 against the US dollar amid scarcity of economic data on Monday by the economies of the euro area and the US economy, the largest economy in the world, and amid market pricing due to the intensity of the second wave of Corona virus outbreak During the winter, US lawmakers reached an agreement on an relief package to counter the repercussions of the Corona pandemic.
At exactly 06:28 a.m. GMT, the euro pair fell against the US dollar by 0.44% to 1.2183 levels, compared to the opening levels at 1.2237, which is the highest level for the pair during the session's trading, while the pair achieved its lowest level during the session's trading at 1.2179, knowing that, The pair started the session on a descending gap after ending last week’s trading at 1.2257 levels.
Yesterday, the President of the US Senate and Republican Majority Leader Mitch McConnell reported that congressional leaders had reached an agreement regarding a $ 900 billion Corona pandemic relief bill, and this came in conjunction with concern about the severity of the second wave of the coronavirus outbreak and in the shadow of the continued stalled trade talks between the Kingdom. The United States and the European Union are on the cusp of the deadline for Brexit by the end of this year.
Technical analysis
The EUR / USD pair succeeded in touching our awaited negative target at 1.2175 with the opening of trading today, and we notice that the SMA 50 meets with this support to add more strength to it, which supports the chances of bouncing up from these areas to resume the main bullish trend again.
Thus, we expect to witness positive trading in the upcoming sessions, with targets starting at 1.2300 then 1.2340, bearing in mind that a break of 1.2175 will pressure the price to test the support for the ascending channel at 1.2105 before returning to the upside again.
The expected trading range for today is between 1.2120 support and 1.2280 resistanc
The expected general trend for today: Bullish