Forex Market: EUR/USD daily forecast

During Friday’s trading session EUR/USD traded within the range of 1.3585-1.3612 and closed at 1.3595.

At 6:23 GMT today EUR/USD was losing 0.12% for the day to trade at 1.3578. The pair touched a daily low at 1.3576 at 6:10 GMT, breaching the first key support.

Fundamental view

Confidence among investors in the Euro zone was probably lower during the current month, with the corresponding index coming in at a reading of 8.0. In June it stood at 8.5. The index is based on results from the SENTIX survey, one of the most prominent surveys, reflecting investors’ opinion in Germany. It encompasses 2 800 respondents, with 510 of them being institutional investors. Respondents present their expectations regarding ten different markets for a period of one and six months. Readings above zero indicate that respondents were predominantly optimistic, while readings below zero show pessimism. Higher than expected readings would provide support to the common currency. The official result is expected at 8:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case EUR/USD manages to breach the first resistance level at 1.3610, it will probably continue up to test 1.3624. In case the second key resistance is broken, the pair will probably attempt to advance to 1.3637.

If EUR/USD manages to breach the first key support at 1.3583, it will probably continue to slide and test 1.3570. With this second key support broken, the movement to the downside will probably continue to 1.3556.