Antony_NPBFX
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EUR/USD: the euro consolidates 15.07.2020
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
Today, during the Asian session, the EUR/USD pair shows ambiguous dynamics. Now, the euro is trying to consolidate above 1.1400, although at the opening of trading, the instrument renewed its local highs of June 10, touching the level of 1.1422. EUR’s technical factors for growth stays relatively strong, while increasing market tension in response to the confrontation between the US and China, as well as the rapid growth of new cases of COVID-19 infection, significantly inhibit investor interest in risk.
Tuesday’s macroeconomic statistics from Europe was ambiguous. May industrial production increased by 12.4% MoM after a decrease of 18.2% MoM for the previous month. Analysts had expected an increase of 15% MoM. The index of moods in the business environment of Germany from the ZEW Institute for July fell from 63.4 to 59.3 points, which was worse than forecasts of 60 points.
Support and resistance
On the daily chart, Bollinger bands actively grow. The price range expands from above but not as fast as the "bullish" moods develop. The MACD indicator is growing, maintaining a strong buy signal (the histogram is above the signal line). Stochastic maintains a confident upward trend but quickly approaches the level of 100, which indicates that EUR may become overbought in the short-term.
It is better to keep the current long positions until signals from technical indicators are clarified.
Resistance levels: 1.1422, 1.1460, 1.1500.
Support levels: 1.1373, 1.1340, 1.1284, 1.1200.
Trading tips
Long positions may be opened after the breakout of 1.1422 with the target at 1.1500. Stop loss – 1.1373.
Short positions may be opened after a rebound from 1.1422 and a breakdown of 1.1373 with the target at 1.1284. Stop loss – 1.1422.
Implementation period: 2–3 days.
Use more opportunities of the NPBFX analytical portal: glossary
Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.
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
Today, during the Asian session, the EUR/USD pair shows ambiguous dynamics. Now, the euro is trying to consolidate above 1.1400, although at the opening of trading, the instrument renewed its local highs of June 10, touching the level of 1.1422. EUR’s technical factors for growth stays relatively strong, while increasing market tension in response to the confrontation between the US and China, as well as the rapid growth of new cases of COVID-19 infection, significantly inhibit investor interest in risk.
Tuesday’s macroeconomic statistics from Europe was ambiguous. May industrial production increased by 12.4% MoM after a decrease of 18.2% MoM for the previous month. Analysts had expected an increase of 15% MoM. The index of moods in the business environment of Germany from the ZEW Institute for July fell from 63.4 to 59.3 points, which was worse than forecasts of 60 points.
Support and resistance
On the daily chart, Bollinger bands actively grow. The price range expands from above but not as fast as the "bullish" moods develop. The MACD indicator is growing, maintaining a strong buy signal (the histogram is above the signal line). Stochastic maintains a confident upward trend but quickly approaches the level of 100, which indicates that EUR may become overbought in the short-term.
It is better to keep the current long positions until signals from technical indicators are clarified.
Resistance levels: 1.1422, 1.1460, 1.1500.
Support levels: 1.1373, 1.1340, 1.1284, 1.1200.
Trading tips
Long positions may be opened after the breakout of 1.1422 with the target at 1.1500. Stop loss – 1.1373.
Short positions may be opened after a rebound from 1.1422 and a breakdown of 1.1373 with the target at 1.1284. Stop loss – 1.1422.
Implementation period: 2–3 days.
Use more opportunities of the NPBFX analytical portal: glossary
Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.
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.
