EUR/USD overview for July 16, 2015

16 July, 2015

General overview

The published euro zone macroeconomic data did not clearly add optimism to "bulls". The ZEW business conditions indicator has been showing a negative trend for the third month in a row, falling in July to its lowest level in seven months. The industrial production index also went into the negative territory for the end of May.

The euro/dollar decreased amid J. Yellen’s speech.

There was the previous minimum update. The level of 1.0925 testing came amid low volume.

The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud.

The MACD indicator is in a negative territory. The price is decreasing.

Trading recommendations

We suppose the pair will go to 1.0925 first. Having overcome the first target the price might go downwards to 1.0790.

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