Forex Guides

EUR/USD Forecast 7 Jul

Good day forex traders and readers.

With the ranging nature of most currency pairs nowadays, many traders are caught by the turning points. Do remember to always practice proper money management.

In the previous EUR/USD forecast we noted that the currency pair was again bullish for the week. It was approaching the middle bollinger band and that might be an area of test for the upcoming week. 1.3680 is a common resistance region and hence It should be considered in our trading plans. The bottom bollinger band remained the target for any bearish dip.


Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair was bearish for the week. As mentioned last week, the consideration of the 1.3680 region is important and indeed so, it served as a resistance. Together with the pressure of the middle bollinger band, bearish pressure overwhelmed the currency pair.

While we have the middle and bottom bollinger bands as reference for the upcoming week, the current region 1.36 is also a crucial line to monitor. It is likely to function as an immediate support and resistance level.

Fundamental Analysis

The US Non-Farm Payroll came out better than expected. With more jobs being created than predicted, many investors are optimistic toward the US economy. The unemployment rate has also fallen.

On the contrary, the European Central Bank offered little positive surprises in the recent meeting. An announcement was made to change the frequency of the meeting to every 6 weeks. One of the reason is probably to allow more time for the ECB to monitor how their policies are affecting the market.

As mentioned earlier, the current performance of the US economy is delighting many traders and thus a corresponding increase in demand of the US dollar is observed.

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