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16.07.202409:00 Forex Analysis & Reviews: Hot forecast for EUR/USD on July 16, 2024

Yesterday, the dollar was stable amid mixed economic reports and statements of central bank officials. On the one hand, the eurozone industrial production data, the rate of decline of which slowed down from -3.1% to -2.9%, should have lifted the dollar. After all, despite the slowdown, it was expected to rise from -3.0% to -2.0%. But this was offset by Federal Reserve Chief Jerome Powell's statement that consumer prices eased in June, further extending a recent slowdown. In other words, the head of the Fed almost directly stated that the rate cut is coming into view. And obviously this weighed on the dollar.

Today, the market can focus on the U.S. retail sales report, the growth rate of which should slow down from 2.3% to 2.1%. So the dollar will likely show some weakness. Unless, of course, there are some new information that can influence the market.

Exchange Rates 16.07.2024 analysis

During the upward cycle, EUR/USD locally found itself at the values of the beginning of spring, which indicates the prevailing interest in long positions.

On the 4-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which suggests that the euro may rise further.

On the same chart, the Alligator's MAs are headed upwards, which reflects the quote's movement.

Outlook

Keeping the price above the level of 1.0900 may lead to an increase in the volume of long positions. In this scenario, the euro could move towards the resistance level of 1.1000. Otherwise, the area of 1.0900 will act as resistance, which will lead to a temporary stagnation or a pullback.

The complex indicator analysis unveiled that in the short-term and intraday periods, indicators are providing an upward signal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaSpot
© 2007-2024
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