Forex Analysis & Reviews: Hot forecast for EUR/USD on July 16, 2024


During the upward cycle, locally EUR/USD found itself at the values of the beginning of spring, which indicates the prevailing interest in long positions. On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which suggests that the euro may rise further. On the same chart, the Alligator's MAs are headed upwards, which reflects the quote's movement. Outlook Keeping the price above the level of 1.0900 may lead to an increase in the volume of long positions. In this scenario, the euro could move towards the resistance level of 1.1000. Otherwise, the area of 1.0900 will act as resistance, which will lead to a temporary stagnation or a pullback. The complex indicator analysis unveiled that in the short-term and intraday periods, indicators are providing an upward signal.


Analysis are provided by InstaForex.


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