Latest EUR USD Analysis and ForecastUpdated July 28th, 2021
Another rebound, but bias still to the downside (just)
Day trade update and view
A setback and a bounce Wednesday (as also seen on Monday-Tuesday), now above the latter July rebound failure peaks at 1.1830 and 1.1841), and now whilst below 1.1895 we see negative forces from the notable sell off from late June down from 1.1970/75 key resistances to 1.1750, keeping risks to the downside Thursday.
Day trade setup
- We see a downside bias for 1.1750; a break here aims towards 1.1736, maybe key 1.1702.
- But above 1.1895 possibly opens risk up towards key 1.1970/75.
The mid-June plunge below key 1.2050/42 supports signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for 1.1702 and maybe 1.1627.
- What changes this? Above 1.1970/75 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.
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Other major currency pairs
BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.