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

03.08.202109:59 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 3, 2021

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.

Exchange Rates 03.08.2021 analysis

Today, in terms of the economic calendar, we are dealing with producer prices in Europe, where they are projected to grow from 9.6% to 10.3%, which may locally support the European currency, but will not change the situation on the market.

The EUR/USD currency pair found the resistance level of 1.1900 on the path of the corrective movement, relative to which there was a reduction in the volume of long positions, which led to a rebound.

This situation is similar to the process of slowing down, which may return the quote to its original course.

Market dynamics indicators confirm the decline in 24 hours, which can positively affect the volume of short positions, in the case of a recovery move relative to the correction.

Considering the trading chart on the scale of the daily period, it can be noted that the corrective movement in the period of July 26-30 did not affect the downward cycle from the beginning of June in any way.

Expectations and prospects

The resistance level of 1.1900 still puts pressure on long positions, but in order for the recovery process to move to a new level, the quote needs to stay below 1.1850. Otherwise, we are waiting for a variable bumpiness in the range of 1.1850/1.1900.

Complex indicator analysis has a variable signal relative to the short-term and intraday periods, due to the slowing process.

Exchange Rates 03.08.2021 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