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FX.co ★ Forecast for EUR/USD on July 29, 2021

Forecast for EUR/USD on July 29, 2021

EUR/USD

As a result of yesterday's Federal Reserve meeting, the euro grew by 26 points, having reached the target level of 1.1850 as the upper shadow. Consolidating above it will lead the signal line of the Marlin oscillator to exit the rising channel also upwards. The 1.1925 target will open - historically the level is not very strong, but the MACD indicator line is approaching it, which will strengthen it.

Forecast for EUR/USD on July 29, 2021

The euro's growth, however, occurred on the FOMC signal of an impending tightening of monetary policy, of course, provided that economic indicators continue to show growth. The Fed even allowed inflation to rise above its predicted values. Trading volumes were about the same as on Thursday last week, when the European Central Bank met, and less than on the 8th, when ECB President Christine Lagarde made a statement about the increase in inflation target. One gets the impression that the big players are playing with the euro as a giveaway, probably, the US does not need a strong dollar for the period of uncertainty with the issue of raising the government debt threshold. Today there will be data on US GDP for the second quarter - a forecast of 8.5% against 6.4% in the first quarter and applications for unemployment benefits will come out - a forecast of 380,000 against 419,000 a week earlier. If the euro continues to rise against such data, then this growth, whatever its dynamics, will not be long in time - 4-6 weeks.

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Forecast for EUR/USD on July 29, 2021

The euro has settled above the indicator lines on the H4 chart, the Marlin oscillator is growing in the zone of positive values, there are no reversal signs.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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