Instaforex Analysis

[Instaforex Bella]

Forex Analysis & Reviews: Hot forecast for EUR/USD on July 29, 2024

Considering the empty economic calendar, it's no surprise that market conditions remain unchanged. The dollar is treading water. This situation will likely persist until the Federal Open Market Committee (FOMC) meeting occurs on Wednesday. It's not just about the meeting itself but also about the lack of macro data.

The corrective cycle slowed down around the 1.0825 level. This was followed by a pullback-stagnant phase characterized by a typical realignment of trading forces. On the 4-hour chart, the RSI is moving along the middle level of 50, indicating a stagnant phase. On the same chart, two of the three moving averages of the Alligator Indicator intersect, indicating a slowdown in the downward cycle. Outlook The bearish movement will come into play if the price falls below the 1.0825 mark. In this scenario, there is a high probability of reaching the 1.0800 level with an attempt to break through it. As for the bullish scenario, it considers the end of the corrective cycle relative to the current values, with a gradual increase in the volume of long positions. In this case, the price will gradually return to the values of the local high of the upward cycle. Complex indicator analysis indicates a stagnant phase in the short- and intraday time frames.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/3LKaJfc

[Instaforex Bella]

Forex Analysis & Reviews: Forecast for EUR/USD on August 6, 2024

EUR/USD Yesterday's market panic had almost subsided by this morning. Monday did not turn out to be a "black" day. The S&P 500 plummeted by 4.71%, closing at -3.00%. Good ISM figures supported the market: business activity in the non-manufacturing sector strengthened from 49.6 to 54.5 in July, and the employment index rose from 46.1 to 51.1 against an expectation of 46.4. However, the cunning euro buyers we mentioned in our last review chose a bad moment for their action. Market participants did not believe in their notions of a fourfold rate cut by the end of the year, specifically a double decrease of 0.5% each. We saw a similar pattern last November when investors anticipated a sixfold rate cut for the current year, but then the euro fell by 4.5 figures.

After reaching the target level of 1.1010, the price is now ready to form a divergence with the Marlin oscillator on the daily chart. If the pair closes the day below the July 17th peak of 1.0949, the likelihood of the price returning to 1.0905 and attempting to consolidate below this level will significantly increase.

The target level of 1.1018, which we highlighted on the weekly chart, no longer needs to be met with absolute precision unless it is to continue the rise above 1.12.

The price is consolidating below the resistance at 1.0964 in the 4-hour chart. Marlin is striving to exit the overbought zone. If the price consolidates below the level of 1.0905 in this time frame, it will also mean settling below the MACD line on the weekly chart. We're waiting for the market to cool down and form more stable signs of reversal and decline.

Analysis are provided by InstaForex.

Read more: https://ifxpr.com/4dxsaf6

[Instaforex Bella]

Forex Analysis & Reviews: Hot forecast for EUR/USD on August 7, 2024

The market is set on further weakening of the dollar. Even the extremely disappointing data on retail sales in the eurozone, which slowed from 0.5% to -0.3%, did not provide any notable support to the US dollar.


Analysis are provided by InstaForex.

Read more: https://ifxpr.com/4dpy7uA

- - - Updated - - -

Forex Analysis & Reviews: Hot forecast for EUR/USD on August 7, 2024

The market is set on further weakening of the dollar. Even the extremely disappointing data on retail sales in the eurozone, which slowed from 0.5% to -0.3%, did not provide any notable support to the US dollar.


Analysis are provided by InstaForex.

Read more: https://ifxpr.com/4dpy7uA

[Instaforex Bella]

Forex Analysis & Reviews: Hot forecast for EUR/USD on August 9, 2024

Despite slightly increased volatility, the situation in the currency market remains generally unchanged. The dollar continues to trade around the levels reached in the middle of the week. This situation will likely not change until the middle of next week. Investors are waiting for inflation data from the United States, which will provide an answer to the question of the Federal Reserve's next steps. Moreover, Fed officials are trying to calm the markets by stating that inflation targets have still not been met, implying that no rapid easing of monetary policy should be expected. From this, it can be assumed that a reversal will begin mid-next week, and the dollar will noticeably strengthen.

The volume of short positions on the EUR/USD pair decreased after touching the support level of 1.0900, which led to a retracement, even though the price locally breached the level. On the 4-hour chart, the RSI indicator was temporarily below the average level of 50 but then returned above it. This movement indicates a decline in the volume of short positions. Regarding the Alligator indicator on the same time frame, two of three MA lines are intertwined, indicating a stagnant phase. Expectations and Perspectives The price must settle below 1.0900 by the end of the week to support the correction. Otherwise, the level will continue to act as support, which could lead to the price fluctuating within the range of 1.0900/1.0950. The comprehensive indicator analysis signals a stagnant phase in the short-term and intra-day periods.


Analysis are provided by InstaForex.

Read more: https://ifxpr.com/3ymmfdX