  In 2015 we started the XMM-Newton monitoring of the young solar-like star
Epsilon Eridani (440 Myr), one of the youngest solar-like stars with a known
chromospheric CaII cycle. By analyzing the most recent Mount Wilson S-index
CaII data of this star, we found that the chromospheric cycle lasts 2.92 +/-
0.02 yr, in agreement with past results. From the long-term X-ray lightcurve,
we find clear and systematic X-ray variability of our target, consistent with
the chromospheric CaII cycle. The average X-ray luminosity results to be 2 x
10^28 erg/s, with an amplitude that is only a factor 2 throughout the cycle. We
apply a new method to describe the evolution of the coronal emission measure
distribution of Epsilon Eridani in terms of solar magnetic structures: active
regions, cores of active regions and flares covering the stellar surface at
varying filling fractions. Combinations of these magnetic structures can
describe the observed X-ray emission measure of Epsilon Eridani only if the
solar flare emission measure distribution is restricted to events in the decay
phase. The interpretation is that flares in the corona of Epsilon Eridani last
longer than their solar counterparts. We ascribe this to the lower metallicity
of Epsilon Eridani. Our analysis revealed also that the X-ray cycle of Epsilon
Eridani is strongly dominated by cores of active regions. The coverage fraction
of cores throughout the cycle changes by the same factor as the X-ray
luminosity. The maxima of the cycle are characterized by a high percentage of
covering fraction of the flares, consistent with the fact that flaring events
are seen in the corresponding short-term X-ray lightcurves predominately at the
cycle maxima. The high X-ray emission throughout the cycle of Epsilon Eridani
is thus explained by the high percentage of magnetic structures on its surface.
