empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

30.06.202007:58 Forex Analysis & Reviews: Hot forecast and trading recommendations for EUR/USD on June 30, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The single European currency was growing pretty well over the course of almost all of yesterday, largely due to the growing concern over the coronavirus. Say what you like, but a record number of new cases of coronavirus infection was recorded in the United States last Friday. This became known only during the weekend. In general, the world saw the real prospect of a second wave of the coronavirus epidemic. And it seems that it starts in the United States. So trading on Monday opened with the dollar's fall.

Exchange Rates 30.06.2020 analysis

However, the dollar quite actively began to recoup its losses closer to the end of Monday. The reason was the incredibly good data on the real estate market. The pace of decline in pending home sales transactions slowed from -33.8% to -5.1%. This happened due to the fact that the number of these transactions soared by 44.3% in May. Only 18.0% growth was forecasted. This means that by the end of June we will see an impressive growth in the real estate market.

Pending Home Sales (United States):

Exchange Rates 30.06.2020 analysis

Today, much will depend on preliminary data on inflation in Europe. And apparently, they won't bring anything good to the euro. The fact is that inflation in Europe should slow down from 0.1% to 0.0%. At the same time, deflation is already in full swing in a number of European countries. This will not end there, and most likely, deflation will soon become a reality for the entire eurozone. In turn, this may force the European Central Bank to either lower the refinancing rate to negative values or expand the quantitative easing program even further. And it is clear that if these forecasts are confirmed, the single currency will be forced to give up its positions.

Inflation (Europe):

Exchange Rates 30.06.2020 analysis

From the point of view of technical analysis, we see a downward pace, in which there are current fluctuations in the structure. The main point of support is still the range level of 1.1180, which restricts market participants from falling further. Relative to the previous day, local long positions were recorded, which did not lead to anything drastic, and the quote returned to the limits of last Friday's stagnation. In terms of volatility, there is a slight acceleration, but the speed in which price will change is still limited.

Looking at the trading chart in general terms (the daily period), the first thing that catches your eye is the inertial upward movement from May 18, which is an integral part of the market, at the top of which there were price fluctuations.

We can assume that if the price is consolidated below 1.1220, the quote will move towards 1.1190, where in case there is another slowdown, the amplitude of 1.1190/1.1240 will still remain relevant. For significant changes, the quote must be consolidated below 1.1165, in this case, we will open the way to the values of 1.1100-1.1080.

From the point of view of a complex indicator analysis, we see that the indicators of technical instruments relative to hourly and daily periods reflect a sell signal by focusing the price within the bottom of the descending clock cycle.

Exchange Rates 30.06.2020 analysis

Dean Leo
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off