EUR/USD forecast for July 29, 2015

July 29, 2015

General overview

The main pair's dynamics is determined by three factors: the bond market sentiments, the commodity market trend and the pair EUR/GBP dynamics. There was the German 10-year bond yields growth on the debt market in relation to its US and UK competitors which supports some demand for the euro. The Federal Reserve interest rate decision may affect the pair dynamics which will be published on Wednesday evening.

The upward correction within the pair euro/dollar consolidated its positions, breaking through on its way resistance at the level of 1.1050.

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 strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.

The MACD indicator is in a positive territory. The indicator is growing.

Trading recommendations

The growth targets are the levels of 1.1150, 1.1260

Publication source
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