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Main » 2018 » July » 20 » Forex: Overview of today 07/20/2018
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Forex: Overview of today 07/20/2018

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Last night US President Donald Trump criticized the Federal Reserve System, and in particular, its ongoing monetary policy. Mr. Trump said that he was dissatisfied with the too rapid increase of the key interest rate cycle in the US, because it can put pressure on the country's economic growth. I remind you that this year, the Fed raised its key interest rate twice, and at the moment it is at around 1.75-2.00% per annum. It is expected that by the end of the year the US regulator will raise the benchmark interest rate by another 1 or 2 times.

 

 

 

 

Today, the European and US trading session will be held against the backdrop of the lack of publication of important macroeconomic data. Bidding for the Canadian dollar should pay attention to statistics on retail sales for May and the statistics on inflation in June. Indicators for Canada will be released today at 15:30 (GMT + 3). I believe that the way statistics can cause significant intraday volatility in the Canadian dollar.

 

Review and paryEURUSD forecast:


In the last 24 hours of course the EURUSD rose about 25 pips - from 1.1641 to 1.1666. Although yesterday before the opening of the American session, the euro against the dollar fell to 1.1575 level, and in the evening the euro was able to play its decline and returned to the level of 1.1641 against the background of the speech of US President Donald Trump.


In terms of graphic analysis on the hourly timeframe EURUSD pair is maintained within a potential downtrend:

 


The graph shows that after the speech Trump master schedule EURUSD rebounded from the resistance line in the direction of the trend line. I assume that before the end of the day the EURUSD remains within the descending channel.


I have abstained today to open the transaction in EURUSD on the hourly timeframe, because, despite the downward trend, no sell signal: on H1 is a correction.

 

Forex Vesselin Petkov Alpari Market Overview

 

 

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