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Forecast for EUR/USD on August 2, 2019

EUR/USD

The main event on Thursday was Donald Trump's decision to introduce additional duties on Chinese goods worth $300 billion by 10% from September 1. On this news, oil collapsed by 5.78%, gold went up by 2.19%. Pacific currencies weakened, but the euro showed an increase of 8 points.

In yesterday's review, we thought that the Fibonacci level of 123.6% (1.1073) became a resistance for the euro's possible correction - such a correction did take place, but slightly higher, to the resistance level of lows on July 25 and May 23 - 1.1102.

analytics5d43c800301ee.png

We slightly lower the nearest target to just below the Fibonacci level of 138.2%, to 1.0980, which is closer to the old record levels in 2015 and 1991 y/y. We believe that this goal will be achieved on Monday - today there are data on employment in the US Monday, the business activity index in the non-manufacturing sector from ISM for July is expected to increase from 55.1 to 55.5.

analytics5d43c81612cf6.png

On the four-hour chart, the Marlin oscillator does not show signs of a significant correction, it probably has already happened yesterday. We are waiting for the price at 1.0980. Consolidating below the level opens the next target - the range of 1.0840/60, defined as the area of coincidence of the Fibonacci level 161.8% and the price channel line.

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