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EURUSD analysis Wednesday 5th of July 2017

EURUSD analysis Wednesday 5th of July 2017

 

For the third session in a row, the pair continued to decline despite the US holiday yesterday but what caused the pressure on the European currency yesterday against the US dollar were some of the statements of analysts who believe that the markets have misunderstood the comments of Mario Draghi at the Forum of central banks last week in Portugal Which opened the way for market speculation that the ECB will cut its monetary stimulus policy in September.

But this has not been made clear by any of the bank's financial policy officials so far, which has led to the exclusion of the hypothesis of taking this action as the markets had hoped.

At the same time, Yelen hinted that the Fed may continue its tightening policy over the next period amid expectations of high inflation rates in the US. However, the US interest rate calls for positive economic data starting this week.

Technically

Stability above 1.1350 could push the pair back towards 1.1400 level and if breaching this level the pair may continue to rally towards 1.1440 and if the pair continues to rise we might see the pair trying to reach 1.1495.

A drop below 1.1350 could cause the pair to fall towards 1.1310 level and if breaching this level it might continue to fall towards 1.1280 and with the continuation of the decline we might see an attempt to reach 1.1250

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