EUR/USD forecast for July 07, 2015

July 7, 2015

General overview

On Monday the trades were opened with a gap. We saw the increased volatility during the day. Greece was the main newsmaker yesterday. Athens and the creditors returned to the negotiating table and that event has defined the euro/dollar dynamics in the short term. Now it can be concluded that the parties will reach a compromise.

The two-week downward trend encountered the resistance at the level of 1.1050. The short-term trend line testing and breakthrough was amid the low volumes and was followed by the rebound upwards. The gap (the price gap) gives an additional signal towards the prices growth. The gap as covered.

The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260.

There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

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

Trading recommendations

The approach to the level of 1.1050 may lead to a price rebound down. The potential rebound targets are the support levels of 1.0925, 1.0790.

Publication source
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