Forecast for EUR/USD on July 23, 2019

EUR/USD

On Monday, the euro was trading in a narrow range of 18 points, mastering the zone of support for the price channel line and the Fibonacci level of 100.0%. This morning, the price reached the signal level of 1.1193 - at least on July 9, breaking through which will allow attacks on the downstream targets: 1.1155 - Fibonacci level 110.0%, 1.1116 - lows on May 30 and April 25, further 1.1074 - Fibonacci 123.6%.

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On the four-hour chart, it can be seen that trading took place below the MACD line all day, which in turn also strengthened daily-scale resistance. The indications of all indicators on both scales are only decreasing, we are waiting for the euro to further decline before the ECB meeting on Thursday, at which policy mitigation is expected through the use of any instrument, the most expected are a reduction in the deposit rate or, at least, a verbal announcement on the expansion of buybacks securities "in the short term."

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The material has been provided by InstaForex Company - www.instaforex.com