Forecast for EUR/USD on July 27, 2023
July 27, 2023 5:23 amVideo
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EUR/USD:
As a result of yesterday’s FOMC meeting, the interest rate was raised by 0.25% to 5.50%. Accompanying data, including Federal Reserve Chair Jerome Powell’s press conference, were neutral, and the market believed that this rate hike will be the end of the tightening cycle, and a rate cut will begin in May next year.
Today, the European Central Bank is set to raise the rate by 0.25% (to 4.25%). The euro has a good opportunity to significantly strengthen its positions and move away from levels where this growth was unjustified (from July 6 to 12). The nearest target is the resistance level of 1.1175, followed by 1.1237. Further above is 1.1320. The Marlin oscillator’s signal line has turned upwards from the zero line and is ready to continue rising. We expect a reversal for the euro, as mentioned earlier, simultaneously with the stock market’s decline. Yesterday’s the US stock market closed mixed
On the 4-hour chart, Marlin has moved to the upper half of the chart – into the uptrend territory. If the price consolidates above the upper border of the 1.1068/92 range, it will try to attack the target level of 1.1175, reinforced by the MACD line.
The material has been provided by InstaForex Company – www.instaforex.com
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