• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Forex News

Outlook for EUR/USD Positive After ECB and EU Summit

Forex Tips by Forex Tips
July 19, 2020
in Forex News
0
Euro Coiling Up for a Breakout?
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


EURUSD Price Chart

Fundamental Euro Forecast: Bullish

  • A quieter week looks in store for Euro traders after the past few days that have included both Thursday’s ECB meeting and the weekend EU Summit.
  • However, traders will likely have the 1.15 level in their sights: a high not reached since January 31 last year.

Euro price outlook improving

A quieter week looks likely for Euro traders who have had to navigate both last Thursday’s European Central Bank meeting, where Eurozone monetary policy was left unchanged as expected, and the weekend special meeting of the European Council to discuss a recovery fund for the EU nations hit hardest by the coronavirus pandemic.

Nonetheless, Euro bulls are likely to take aim at the 1.15 level for EUR/USD that was last reached as long ago as January 31, 2019 – unless fears of a second round of Covid-19 infections, an escalation of the various US-China disputes or a run of poor corporate earnings reports lead to a flow of money into safe havens like the US Dollar.

EUR/USD Price Chart, Daily Timeframe (January 7, 2019 – July 16, 2020)

EURUSD Price Chart

Chart by IG (You can click on it for a larger image)

EUR Forecast

EUR Forecast

Recommended by Martin Essex, MSTA

Download our fresh Q3 Euroforecast

As the chart above shows, EUR/USD almost hit 1.15 just over four months ago, when it touched 1.1497 on March 9. Since then, trading has been volatile but after the pair’s recent gains it is coming close again.

Week ahead: Flash July PMIs

That said, there are few data points or events to move the Euro in the week ahead. A fifth round of talks between the EU and the UK to discuss their relationship post-Brexit is due to start Monday but there are no important data releases until Thursday, when the GfK market research company is due to report on consumer confidence in Germany, and the Eurozone’s ‘flash’ consumer confidence number for July is released.

Both are expected to show improvements from the month before, as are Friday’s flash July purchasing managers’ indexes for the Eurozone and several of its constituent countries. The key question is whether any of the PMIs, manufacturing, services or composite, will climb back above the 50 level separating expansion from contraction – and if they do that could be the spur needed to launch EUR/USD up to and perhaps beyond the 1.15 mark.

We look at currencies and central banks regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

You can also find out how the ECB’s monetary policy can affect the value of the Euro by clicking here

Starts in:

Live now:

Jul 21

( 10:07 GMT )

Recommended by Martin Essex, MSTA

Trading Sentiment

Register for webinar

Join now

Webinar has ended

— Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex





Source link

Share76Tweet47

Related Posts

Nasdaq 100, Dow Jones, DAX 30, FTSE 100 Forecasts for the Week Ahead

Russell 2000, S&P 500, Gold, USD, Biden Stimulus, Earnings, ECB

by Forex Tips
January 17, 2021
0

Recommended by Daniel Dubrovsky Get Your Free Equities Forecast Equities mostly fell this past week with a few key...

US Dollar Rebound in Focus Ahead of US Presidential Inauguration

by Forex Tips
January 16, 2021
0

US Dollar Talking PointsThe US Dollar Index (DXY) breaks out of the range bound price action from the first...

USD/ZAR Tests Key Fibonacci Support

by Forex Tips
January 15, 2021
0

Rand Dollar Price Action: USD/ZAR price action edged higher today, buoyed by a decrease in demand for Emerging Market...

US Dollar Fundamental Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP

US Dollar Ranges Ahead of Biden Aid Plans

by Forex Tips
January 14, 2021
0

USD/JPY PRICE OUTLOOK: US DOLLAR VOLATILITY STILL HINGES ON TREASURY YIELDS, BIDEN STIMULUS DETAILS & FED-SPEAK IN FOCUSUSD/JPY price...

USD Price Action Eyes Biden Stimulus Proposal

USD Price Action Eyes Biden Stimulus Proposal

by Forex Tips
January 13, 2021
0

USD PRICE OUTLOOK: US DOLLAR ADVANCES DESPITE SLIPPING TREASURY YIELDS, BIDEN SET TO UNVEIL STIMULUS PACKAGEUS Dollar pushed higher...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.