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Forex Analysis & Reviews: Hot forecast for EUR/USD on July 28, 2021
time 28.07.2021 09:26 AM
time Relevance up to, 29.07.2021 07:58 AM

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Today, traders are facing one of the most important events in terms of the economic calendar—the result of the two-day meeting of the Federal Open Market Committee (FOMC).

Based on the expectations of experts, it is not planned to make changes to the key rate during the meeting, leaving it at the same level of 0-0.25%. Investors in this situation are most interested in comments and a press conference where they can hear about the future prospects of monetary policy in the United States.

This event is particularly important, because traders are watching it, as sharp price changes in the market are possible.

During the last trading day, the EUR/USD currency pair managed to come near the upper limit of the lateral amplitude of 1.1750/1.1830, locally piercing it. But after that, a natural rebound occurred, taking the quote back to the boundaries of the established range.

In simple words, the upper limit of the amplitude still plays the role of resistance in the market.

The market dynamics has signs of acceleration, but so far they are limited to the current range.

In the current price position, there is a reduction in the volume of long positions, which leads to a stagnation - a pullback relative to the upper limit of the amplitude.

In this situation, where the results of the FOMC meeting take place in terms of the trading day, there is always abundant speculative interest. Therefore, we carefully monitor the behavior of the quote relative to the available amplitude. The reference point for the ascending pulse is considered to be the coordinate of 1.1855, while for the descending pulse it is enough to stay lower than 1.1750.

From the point of view of complex indicator analysis, it can be seen that technical instruments on the minute and hour periods still pursue a multidirectional signal, due to movement within the boundaries of the lateral amplitude. The daily period, as before, is focused on a downward development, signaling a sale.

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Dean Leo,
Analytical expert of InstaForex
© 2007-2023
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