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EUR/USD Forecast July 29



Good day forex traders and readers.

Welcome to another EUR/USD forecast and I hope you are having a great weekend so far. Do remember to always practice proper money management so that you can manage your risks.

In the previous EUR/USD forecast we noted that 1.32 needs to be taken down before any bullish trend can be expected. Bearish momentum might see 1.3060 function as a support. The bullish inclination of gold would probably add some weakening pressure to the US dollar for now and hence we should pay attention to the price of gold.

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Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair tested the resistance of 1.3280 as I mentioned in my EUR/USD update on the 24th July.

The resistance of 1.3280 had resisted the bullish pressure on the last two days of the trading week and hence we should pay attention on this region for the upcoming week. The extended bullish resistance will likely be 1.34.

Observation of the price action of the currency pair suggests possible bearish support at 1.3180 / 1.3120.

We do note that the EUR/USD is bullish for the third week now.



Fundamental Analysis

From a fundamental point of view, we may expect some apprehension as the US FOMC meeting is due next week. Investors are worried of any tapering of quantitative easing and hence we may see some narrow trading until the economic event.

The ECB minimum bid rate is also due next week and investors will be monitoring for monetary policy updates. The European Central Bank is taking an accommodative approach of late and investors are definitely interested in the ongoing updates.

The US NFP is due this coming Friday and it is also crucial to watch out for this economic event. It will probably be complicated as while increased employment is good for the economy, it increases the possibility of quantitative easing tapering by the US Federal Reserve.

Refer to the weekly pivot data for the EUR/USD below for some possible indications of support and resistance
R3 1.3325 R2 1.3239 R1 1.3189 PP 1.3103 S1 1.3053 S2 1.2967 S3 1.2917

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