FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%
EUR/USD
1.1726
BTC/USD
48 251.96
GBP/USD
1.3741
USD/JPY
109.9290
USD/CHF
0.9322
USD/CAD
1.2769
EUR/JPY
128.9017

Euro Still Holds a Strong Position


3 August 2021

The major currency pair is stable at the beginning of August, growing slightly. EUR/USD is rising to 1.1870. The dollar is still coping with the negative influence of the comments by the Fed's head Jerome Powell. Last week, he stated that interest rates are far from being lifted because the labor market has obstacles to overcome. This disarmed dollar fans who had previously relied on the idea that the Fed would be winding the stimulation up quite soon.

Still, Friday statistics saved the dollar from a more serious slump. Personal expenses of Americans in July grew by 1% m/m against the forecast 0.7% of growth and a preceding decline by 0.1% m/m. The income stabilized and grew by 0.1% m/m after a slump by 2.2% m/m in June. An active anti-coronavirus vaccination canpaign made consumers more mobile, spending more on traveling and leisure.

Moreover, the final CCI by University of Michigan in June grew to 81.2 points from 80.8 points previously. This also supported the dollar.

On H4, EUR/USD quotations have completed a wave of growth to 1.1840. At the moment, the market has formed a consolidation range around this level, broke through the high of the range, and performed a link of growth to 1.1908. Practically, this level is regarded as the local goal of a correction. Today, the price might drop to 1.1840 (a test from above). After that, another structure of growth to 1.1925 is expected. There the correction should be over, followed by a wave of decline to 1.1755. Technically, this scenario is confirmed by the MACD. Its signal line has escaped the histogram area and is declining to zero.

On H1, EUR/USD quotations have reached 1.1908 and are trading in a wave of decline to 1.1840. At the moment, the market broke through 1.1875 downwards and completed a link of decline to 1.1850. Today, we expect a link of growth to 1.1875 (a test from below), followed by a decline to 1.1840. Then another structure of growth to 1.1925 might develop.

Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is trading above 80, which presumes a soon decline to 50, and after it is broken away — to 20.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
Disclaimer: Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
#source

Related

EUR/USD drops to 3-day lows around 1.1790
EUR/USD drops to 3-day lows around 1.1790

The single currency loses some momentum and drags EUR/USD to fresh 3-day lows in the. 1.1790 region on Thursday. EUR/USD leaves behind Wednesday...

16 Sep 2021

Read More  US Dollar Index looks offered around 92.50 ahead of data
Read More US Dollar Index looks offered around 92.50 ahead of data

The greenback starts the Wednesday’s session in the old continent on the backfooting around the 92.50 zone when gauged by the US Dollar Index (DXY)....

15 Sep 2021

EUR/USD gathers traction near 1.1830
EUR/USD gathers traction near 1.1830

The single currency adds to Monday’s small gains and motivates EUR/USD to re-visit the 1.1830 region on turnaround Tuesday. EUR/USD advances for the second...

14 Sep 2021

Greenback Gains Support Early in the Week
Greenback Gains Support Early in the Week

Early in another week of September, EUR/USD is significantly falling and trading at 1.1790. The major currency pair started moving downwards after negotiations between American...

14 Sep 2021

The greenback strengthened significantly
The greenback strengthened significantly

EURUSD is falling; market players like the USD again. Early in another September week, the major currency pair is falling. The current quote for the instrument is 1.1790...

13 Sep 2021

Euro steady ahead of ECB but stocks hit by market jitters
Euro steady ahead of ECB but stocks hit by market jitters

The European Central Bank will probably join the taper bandwagon when it announces the outcome of its policy meeting later today. However, with some way still...

10 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.