Basic Analysis of EUR/USD for July 30, 2018 888011000 110888 EUR/USD has been quite restorative and unstable just recently while residing listed below 1.1700-50 area with an everyday close. Though the bears are more spontaneous compared to the bulls, this might lead to specific bearish momentum, pressing the price much lower in the coming days.In light of the recent ECB Press Conference, EUR is anticipated to lose momentum as the rate of interest are anticipated to remain the same till Summer season 2019. EUR has actually been weighed down by Brexit uncertainty and trade war stress. Ahead of a series of economic reports to be published today in the eurozone, today Spain’s Flash CPI report was released with a small decline to 2.2% which was expected to be the same at 2.3% and Germany’s Prelim CPI report is yet to be published which is anticipated to reveal an increase to 0.4% from the previous value of 0.1%. On the other hand, as the US NFP report is to be released today on Friday, EUR/USD is most likely to trade with greater volatility this week that might result in considerable changes in the market momentum versus EUR. Though USD has actually been rather impulsive with the current gains in comparison to EUR, this increases the opportunity of the market following it more in the future. Today, US Pending Home Sales report is going to be published which is expected to increase to 0.4% from the previous negative value of -0.5%. At present, EUR proved to be quite soft today amid fresh financial report. Germany’s Prelim CPI might add some value if the result comes out to be much better than expected. Though there has been particular correction and volatility in the market earlier, USD is expected to get a benefit in the middle of optimistic forecasts of the economic reports ahead of the NFP today. Now let us look at the technical view. The cost has been rather restorative while squeezing with a bearish pressure producing lower highs at the same time. As connected with a trend line, the cost is anticipated to press lower after specific retracement to 1.17 location at the same time. Having no strong Bullish Divergence evidence, the cost is anticipated to push lower, living below 1.17 area with a daily close and a target towards 1.1500-50 location in the coming days.RESISTANCE: 1.1700-50 SUPPORT: 1.1500-50PREDISPOSITION: BEARISH MOMENTUM: CORRECTIVE AND VOLATILE The material has actually been provided by InstaForex

By | July 30, 2018

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