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Main » 2019 » July » 10 » Fundamental analysis and forecast of EUR / USD 10.07.2019: market participants are waiting for Bernanke speech in the US Congress
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Fundamental analysis and forecast of EUR / USD 10.07.2019: market participants are waiting for Bernanke speech in the US Congress

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EUR / USD pair yesterday traded in a very narrow range, as most investors took a wait before the speech of Fed Jerome Powell to the US Congress.


Powell is expected to address yesterday did not have any impact on the market as at the opening of a banking conference in Boston Fed chief did not address issues related to monetary policy. From the speeches of other members of the FOMC, investors have paid attention to the statements of the head of the Federal Reserve Bank of Philadelphia Patrick Harker, who believes that the Fed needs right now to wait and to keep interest rates at current levels.

 

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Today, in the speech to Congress, Jerome Powell will not be able to avoid issues related to monetary policy, so investors will be closely watching his performance. Powell began performances in the Congress scheduled for 14:00 according to GMT.

minutes of the last FOMC meeting today will also be made public, but more important for the market will have a fresh comments from the Fed.  

In Europe, among the most important news, it is worth noting statements by the ECB's Philip Lane, who has hinted at a possible lowering of the interest rate to reach the target level of inflation in the euro area. Experts believe that such statements regulator gradually preparing the market for a reduced rate of 0.10% and a resumption of QE program.

 

 

On the EUR / USD chart the main goal has been reached yesterday at 1.1200. But until we see strong price reaction that increases the likelihood of breakdown at this level and further reduction of quotations in the direction of the mark 1.1130. Accordingly rely on the formation of a more or less strong recoil movement can only after fixing the currency pair EUR / USD above 1.1235.

 

resistance levels EUR / USD: 1.1235, 1.1265, 1.1290.

Levels of support for EUR / USD: 1.1200, 1.1175, 1.1130.

The main scenario - the breakdown of support at 1.1200 and the decline in EUR / USD to 1.1130.  

Alternative Scenario - consolidation above 1.1235 and rising EUR / USD to 1.1290.


The market is dominated by negative fundamental background. On the EUR / USD chart no reversal signals. Within days still give preference to sell the pair EUR / USD, which should be considered at the level of 1.1235.

 

EUR / USD Fundamental Analysis and Forecast  FORTFS

 

 

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