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

17.07.201906:24 Forex Analysis & Reviews: Forecast for EUR/USD for July 17, 2019

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.

EUR/USD

The euro fell by 47 points under external and internal pressure on Tuesday. At first, these were pessimistic indicators of ZEW business sentiment, then there was pressure from candidates for Great Britain's prime minister, Boris Johnson and Jeremy Hunt, regarding the conditions of Brexit and resulting in a strong decline in the pound, then strong data on retail sales in the United States were released.

The German ZEW business sentiment index for July fell from -21.1 to -24.5, while in the euro zone the index deteriorated from -20.2 to -20.3. The trade balance for May showed an increase from 15.7 to 20.2, but the pound sterling had already dropped by 50 points by this time. Retail sales in the US in June showed an increase of 0.4% against expectations of 0.1%. Industrial production showed zero growth in June, with a drop in capacity utilization to 77.9% from 78.1%, which in general did not cause pessimism.

Exchange Rates 17.07.2019 analysis

On the daily scale chart, the price went below the price channel line and the Fibonacci level is 100.0%. Here, below the lines, there may not be a long consolidation, a set of forces before going under the signal level of 1.1193, after which we expect a long-term decline towards targets 1.1155 (Fibonacci level 110.0%), 1.1116 (a low of 30 May and 25 April).

Exchange Rates 17.07.2019 analysis

On the four-hour chart, the price consolidated below the balance and MACD lines, while the Marlin oscillator indicates a steady decline in the trend.

Laurie Bailey
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