Forecast for EUR/USD on July 30, 2019

EUR/USD

On Monday, the euro grew by 17 points in anticipation of today's data on expenditures and incomes of consumers in the United States. The euro did not dare to overcome the key support of 1.1107/16, even against yesterday's collapse of the British pound by 165 points. Investors are waiting for data, as well as other news over the decision on the Fed FOMC rate tomorrow.

So, personal incomes of consumers in the US for June are expected to grow by 0.3%, expenses also by 0.3%, which after a figure of 0.4% a month earlier looks like a strong trend.

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On the daily chart, the price consolidates below the Fibonacci level 110.0%. The Marlin oscillator signal line turns up a bit as a discharge - releasing the voltage from the indicator before further reducing it. The first goal of the market will be the Fibonacci level of 123.6% on the price of 1.1074. The second goal is the Fibonacci reaction level of 138.2% at a price of 1.0985.

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On the H4 chart, the probability of testing the MACD line (1.1156) remains before the currency pair could further decrease. The signal line of the Marlin oscillator is in the growth zone, but, in accordance with the situation of the higher timeframe, the current growth can be taken for a passing phenomenon.

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