EUR/USD overview for July 24, 2015

July 24, 2015

General overview

We should pay attention to the commodity and bond market dynamics amid the important macroeconomic statistics lack. The US Energy Department release pointed out to the crude oil reserves growth which puts pressure on the "black gold" quotations. Against this background we expect the Brent quotations decrease which will have a positive impact on the US currency as the oil price is denominated in dollars.

The euro two-day growth against the US dollar was stopped at the resistance level of 1.0925. The level testing was amid the low volumes and was followed by the breakthrough upwards.

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.

The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”.

The MACD indicator is in a positive territory. The price is increasing.

Trading recommendations

The pair is going upwards. The bulls’ targets are the levels of 1.1050 and 1.1150.

Publication source
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January 18, 2017
Trump kicks the Dollar down
Trump hinted in his interview to the Financial Times that the US Dollar went for a far too extensive rally and the enthusiasm surrounding the bulls needs to be cooled...
January 18, 2017
Fed speakers, BoC and UK employment
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January 18, 2017
Aussie dollar cracks major levels
The Australian dollar swung heavily today as US bulls finally looked to sell off in the wake of economic uncertainty around the United Kingdom...

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