The EUR/USD technical analysis and forecast for the week 25 July 2016 – 29 July 2016

eurodollar 11

The ECB’s meeting on monetary policy, which took place yesterday, was not a surprise. The basic interest rate has remained unchanged, and Mario Draghi did not make any surprising announcements. Judging by the tone, Draghi is quite ready to act, but prefers to postpone the review of the monetary policy until September. The euro / dollar paid demonstrated a weak reaction.

The EUR/USD technical analysis and forecast for the week 25 July 2016 – 29 July 2016

The euro has stabilized near the key level of 1.10, the EUR / USD pair continues to move within the outset. The RSI on the daily chart does not indicate any direction, but the trend line is expected to be retested. Thus, the forecast EUR / USD for the week 25/07/2016 – 29/07/2016 suggests quotations rebound up from the level of 1.10. The goal of the upward movement lies in the upper border consolidation. It is worth noting that the euro / dollar is traded in a downward channel, the breakdown of the level 1.10 will let the “bears” to go to the mark of 1.09.

Leave a Reply