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.

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