empty
 
 

21.07.2021: EUR shows signs of upside momentum as USD rally pauses. Outlook for EUR/USD, GBP/USD

loader
views
In general, the market is almost standing still, although both the euro and the pound sterling are showing signs of upside momentum.

However, the signs of the British pound’s recovery are very faint. This situation is partly due to the fact that the macroeconomic calendar is bereft of any important releases. Perhaps, investors remain cautious ahead of the European Central Bank's meeting to be held tomorrow. Market activity will most likely resume shortly before this event. Until then, the quotes are expected to consolidate in the area of the current values.
In the previous trading session, the euro/dollar pair managed to test the resistance level of 1.1800. As a result, the price returned to the lowest level posted on July 19, and the volume of short positions decreased again.
Following a slight pullback, sellers returned to the market, and the volume of short positions recovered. In this situation, market participants still prefer to go short. However, to continue its bearish run, the quote needs to fix below 1.1750. Otherwise, the pair may start moving sideways in the range of 1.1755 - 1.1800.

Despite its oversold status, the pound/dollar pair continued to trade downwards. As a result, the quote dropped to the level of ​​1.3571.
This inertia led to a full-fledged recovery process from the medium-term upward movement.
According to the trading chart, it can be seen the quote is already heading towards its February levels. To extend weakness, the price needs to fix below 1.3570. Otherwise, a technical pullback is possible.

00:00 Intro
00:43EURUSD
01:26 GBPUSD

https://www.instaforex.com

FX Analytics - https://www.instaforex.com/forex_analytics
Forex Calendar - https://www.instaforex.com/forex_calendar
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv

Forex charts - https://www.instaforex.com/charts
Instant account opening - https://www.instaforex.com/fast_open_live_account
Forex Trading Contests - https://www.instaforex.com/forex_contests

List of official InstaForex blogs:
https://www.facebook.com/instaforex
https://www.instagram.com/instaforex/
https://twitter.com/InstaForex

#forex_news #european_session #instaforex_tv
← back to video list

InstaForex TV Interview

InstaForex TV Interview

InstaForex TV Calendar

InstaForex TV Calendar

Geography with InstaForex

Geography with InstaForex

Market TV Review

Market TV Review

Can't speak right now?
Ask your question in the chat.