Forex Analysis & Reviews: Hot forecast for EUR/USD on July 18, 2024

As the volume of long positions rose when EUR/USD settled above the 1.0900 level, the price moved towards the main psychological level of 1.1000. On the 4-hour chart, the RSI locally reached the overbought zone, but it did not hit any of the critical levels. For this reason, buying volumes still have the potential to rise. On the same chart, the Alligator's MAs are headed upwards, which reflects the quote's movement. Outlook In case the pair rises further, the quote may reach the psychological level, but it is important to take note of the euro's overbought status. Thus, the pair could pull back or become stagnant within the boundaries of the psychological level. An increase in buying volumes may take place after the price settles above the 1.1050 level. 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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