EURUSD Daily Forecast Jul 29 2020

EURO dollar 65985 min 1

EURUSD: Consolidates Below 1.1783 Ahead Of Fed Meeting Minute…

With EURUSD breaking below the 1.1735 levels. A short term resistance has printed around the 1.1783 levels. More consolidated trading could be seen below 1.1783 levels. However; Despite its immediate risk is higher. The EURUSD will have to break and hold above the 1.1365 levels to prevent a return to the downside. If seen, it will target the 1.1850 levels. A halt is likely, but a break would open 1.1938 next, further upside, resistance comes at the 1.1995 levels.

Alternatively; a failure to break and hold above the 1.1783 levels, could mean a return to 1.1670 levels. It may turn higher from here. But if this fails to happen. Consequently; The pair will drop further to 1.1605 levels. The next support comes in the 1.1540 levels.

In conclusion: The EURUSD faces corrective pullback threats below 1.1783 with risk to return to 1.1670/1.1605 levels. Above 1.1783 will extend the bullish move to 1.1850 levels ahead of 1.1938 levels…

Support:1.1670, 1.1605, 1.1540, 1.1460, 1.1400

Resistance:1.1785, 1.1850, 1.1938, 1.1995, 1.2138

EURUSD Daily Forecast Jul 29 2020

Key data/events which may affect EURUSD today:

  • Fed Interest Rate Decision at 18:00 GMT.
  • FOMC Press Conference at 18:30 GMT.