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Old 03-07-2019, 11:48
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EUR/USD: Current Dynamics
03/07/2019

The Eurodollar rose at the beginning of the European session on Wednesday after the Markit Economics agency published data on business activity in the manufacturing and services sectors of the Eurozone. PMI indices rose in June (to 52.2 and 53.6, respectively, against 51.8 and 52.9 in May).
However, the euro is under pressure after last Monday at the White House announced the possibility of imposing additional duties on goods from Europe worth $ 4 billion a year, depending on the outcome of the proceedings at the WTO to subsidize Airbus.
Investors are also evaluating the decision of the European Commission to nominate Christine Lagarde to head the ECB instead of Mario Draghi, whose term in office ends on October 31. Now, many economists have become even more confident that the bank will ease monetary policy in the coming months. In their opinion, the European Central Bank will lower its key interest rate by 10 basis points in September to -0.50%, and from November resume the program of quantitative easing or net asset purchases in the amount of 30 billion euros per month.
*)An advanced fundamental analysis is available on the Tifia Forex Broker website at tifia.com/analytics
On Wednesday, the EUR / USD pair is trading in a narrow range, a breakthrough from which can determine its further dynamics.
The upper limit of the range passes through the mark 1.1323 (resistance level ЕМА200 on the 1-hour chart), the lower limit - through the mark 1.1267 (the support level ЕМА50 on the daily chart). The breakthrough of the support level of 1.1267 will open EUR / USD for a deeper decline with targets located at support levels of 1.1180 (June lows), 1.1125 (year lows).
In the alternative scenario and after the breakdown of the local resistance level of 1.1410, EUR / USD will head towards the resistance level of 1.1600 (ЕМА200 on the weekly chart).
In general, below the key resistance level of 1.1355 (ЕМА200 on the daily chart) the global bearish trend prevails. Short positions are preferred.
We are waiting for the publication of data on business activity in the US services sector for June (13:15 and 14:00 (GMT)). As expected, the business activity index (ISM) of the services sector in the US economy will be lower (55.9 against 56.9 in May). This is a high figure, although its relative decline may cause a short-term weakening of the dollar.
Support Levels: 1.1285, 1.1277, 1.1267, 1.1180, 1.1125
Resistance Levels: 1.1323, 1.1355, 1.1410, 1.1445, 1.1510, 1.1600

Trading recommendations

Sell Stop 1.1260. Stop-Loss 1.1330. Take-Profit 1.1200, 1.1180, 1.1125
Buy Stop 1.1330. Stop Loss 1.1260. Take-Profit 1.1355, 1.1410, 1.1445, 1.1510, 1.1600


*) For up-to-date and detailed analytics and news on the forex market visit Tifia Forex Broker website tifia.com
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