Breaking forecast on 07/24/2019 for EUR/USD and trading recommendation


All attention to preliminary data on indices of business activity, first in Europe and then in the United States. It is expected that in the eurozone, the index of business activity in the services sector will decline from 53.6 to 53.3, while the production index will remain unchanged. As a result, the composite business index should fall from 52.2 to 52.1. But forecasts are much better for the United States, since the index of business activity in the services sector can grow from 51.5 to 51.7, and production from 50.6 to 51.0. This will allow the composite index to increase from 51.5 to 52.1. So, despite yesterday’s decline in the single European currency, amid the election of Boris Johnson as the new head of the Conservative Party and the British prime minister, it is unlikely for it to win back losses today. If only the data does not turn out as predicted.

EUR/USD, after a moderate accumulation in the area of 1,1200, managed to regroup the trading forces, outlining the impulsive movement, overcoming the primary point of support in the form of the support level of 1.1180. What we have? An impulse rate of more than 70 points, reaching 1.1140. Overheating of short positions, undoubtedly available on the market, for this reason, traders consider the least – stagnation, where a corrective pullback is waiting for us in case of any stimulus. Concretize, it is likely to assume a primary swing in the range of 1.1140/1.1160, where attention is focused on the quote’s fluctuation and price consolidation. If the inertial move still remains on the market, the key point in terms of restoring the global downtrend is the coordinates of 1,1100.

From the point of view of a comprehensive indicator analysis, we have the superiority of descending interest, and this is understandable, there is a strong downward mood behind our shoulders, but if we move to minute periods, stagnation forms a variable upward interest from which there is a judgment of a possible stagnation – a pullback.


The material has been provided by InstaForex Company –

Source:: Breaking forecast on 07/24/2019 for EUR/USD and trading recommendation

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