EUR/USD: EUR is updating record highs 27.07.2020
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
EUR is rising against USD today, hitting record highs since September 2018. The instrument is gaining about 0.55% and is trying to consolidate above the next resistance at 1.1700.
EUR is supported by strong macroeconomic statistics on business activity from the eurozone, published last Friday. German Manufacturing PMI in July rose from 45.2 to 50 points, better than expectations. Services PMI in Germany jumped from 47.3 to 56.7 points against the forecast of growth only to 50.5 points. Composite PMI rose from 47 to 55.5 points in July, also beating its forecasts of 50.3 points. In the euro area, the Composite PMI consolidated above the 50-point mark, indicating a gradual recovery in the European economy after the crisis. At the beginning of the week, the European investors are focused on the report on business climate in Germany from IFO. Also, German Bundesbank Monthly Report is expected during the day.
Support and resistance
Bollinger Bands in D1 chart show stable growth. The price range is expanding, but it fails to catch the increased bullish activity on EUR. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having approached its highs, reversed into a horizontal plane, indicating risks of overbought EUR in the ultra-short term.
Existing long positions should be kept in the short and/or ultra-short term until the signals from technical indicators clear up.
Resistance levels: 1.1723, 1.1800, 1.1850, 1.1900.
Support levels: 1.1657, 1.1600, 1.1546, 1.1500.
Trading tips
To open long positions, one can rely on the breakout of 1.1723. Take-profit 1.18501.1900. Stop-loss 1.1600.
A rebound from 1.1723 as from resistance, followed by a breakdown of 1.1657 may become a signal for new sales with the target at 1.1546. Stop-loss 1.1730.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: economic calendar
Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.
Current trend
EUR is rising against USD today, hitting record highs since September 2018. The instrument is gaining about 0.55% and is trying to consolidate above the next resistance at 1.1700.
EUR is supported by strong macroeconomic statistics on business activity from the eurozone, published last Friday. German Manufacturing PMI in July rose from 45.2 to 50 points, better than expectations. Services PMI in Germany jumped from 47.3 to 56.7 points against the forecast of growth only to 50.5 points. Composite PMI rose from 47 to 55.5 points in July, also beating its forecasts of 50.3 points. In the euro area, the Composite PMI consolidated above the 50-point mark, indicating a gradual recovery in the European economy after the crisis. At the beginning of the week, the European investors are focused on the report on business climate in Germany from IFO. Also, German Bundesbank Monthly Report is expected during the day.
Support and resistance
Bollinger Bands in D1 chart show stable growth. The price range is expanding, but it fails to catch the increased bullish activity on EUR. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having approached its highs, reversed into a horizontal plane, indicating risks of overbought EUR in the ultra-short term.
Existing long positions should be kept in the short and/or ultra-short term until the signals from technical indicators clear up.
Resistance levels: 1.1723, 1.1800, 1.1850, 1.1900.
Support levels: 1.1657, 1.1600, 1.1546, 1.1500.
Trading tips
To open long positions, one can rely on the breakout of 1.1723. Take-profit 1.18501.1900. Stop-loss 1.1600.
A rebound from 1.1723 as from resistance, followed by a breakdown of 1.1657 may become a signal for new sales with the target at 1.1546. Stop-loss 1.1730.
Implementation time: 2-3 days.
Use more opportunities of the NPBFX analytical portal: economic calendar
Be ready for any market changes through global events using the economic calendar on the NPBFX portal. The calendar contains all the most important events of the world economy and prognoses for them. In order to get free and unlimited access to the economic calendar and other useful instruments on the portal, you need to pass a one-time registration on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on EUR/USD and trade efficiently with NPBFX.