Forecast for EUR/USD on July 29, 2019

EUR/USD

On Friday, the dollar strengthened against all major currencies, the dollar index added 0.20%. The euro fell by 18 points. On this day, optimism for the markets was set by good data on US GDP - for the 2nd quarter, the increase was 2.1% against the expected 1.8%. There was a slight correction this morning. Range support of 1.1107/16 from two attempts (July 25 and 26) has defended itself, the price continues to consolidate in the range of the last four days. Tomorrow will be a difficult day - the Bank of Japan announces a decision on monetary policy, consumer spending indicators in Germany and France will also be released, and on income/expenditure of consumers in the United States. Forecasts are optimistic for the dollar; German GfK Consumer Climate for August is expected to decrease from 9.8 to 9.7, US consumer spending for June may increase by 0.3%.

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On the daily chart, the Marlin oscillator develops with a slight increase, in fact, it is a reaction to the price consolidation without signs of rising or falling, that is, the market, regardless of the events of recent days, took a short breather.

On the four-hour chart, the Marlin is already in the growth zone, but there are no reversal patterns - this is a sign of the oscillator being depleted before further decline to the trend. Corrective price exit for the upper limit of the 1.1155 range is possible, but above it is the MACD line, so we wait for the outset to continue until tomorrow. In the future, we are waiting for the price at 1.1074 - at the Fibonacci level of 123.6% and 1.0985 - at the level of 138.2%.

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