The European currency held above the 1.08 mark in the EUR/USD pair. At the same time, weak macroeconomic data exerted pressure on the euro exchange rate. According to a preliminary assessment by S&P Global, the business activity index in the Eurozone services sector fell to 51.9 points in July from 52.8 points in June. At the same time, analysts‘ forecast suggested an increase to 52.9 points. The index of business activity in the manufacturing sector decreased from 45.8 points to 45.6 points, which turned out to be weaker than the forecast of 46 points. The composite index of business activity in the Eurozone fell to 50.1 points against the projected growth to 51.1 points.
EUR/USD Euro Dollar forecast for July 26, 2024
The EUR/USD Euro Dollar currency pair stabilized near the 1.0850 mark. The relative strength indicator is recovering to the neutral zone without a support level test, and a resumption of decline is expected after the correction. Thus, the FOREX forecast for the EUR/USD Euro Dollar pair on July 26, 2024 provides for the consolidation of the euro exchange rate in the range of 1.0850–1.0880, from where the strengthening of the American currency will resume.
