EUR/USD forecast for July 30, 2015

July 30, 2015

General overview

There was the debt and commodity markets stabilization after a high volatility. In this regard, it was expected that the pair euro / dollar would be trading a flat up to the FOMC meeting outcome announcement.

It was expected that the US Wednesday Federal Reserve meeting results would be a little different from the D. Yellen two week ago rhetoric. Then the FED chairman announced the monetary authorities intention to tighten monetary policy at any meeting this year. The yesterday’s ECB meeting supported the dollar as the committee confirmed its intentions to change the rates this year. Having broken through the level of 1.1050 downwards the price.

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 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 MACD is declining.

Trading recommendations

We believe in pair’s decrease. The first target is the level of 1.0925. The next one is 1.0790.

Publication source
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