years on the market
Thursday, July 23rd, today’s news—Germany's consumer confidence index rises more than expected amid the new stimulus measures. This, along with the stronger business confidence index in France, helped boost the European markets. The price of Brent oil is $44.71, WTI—$42.28. EUR/USD is at 1.1590, GBP/USD—1.2718, gold is $1,885.75 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
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The pair remains under pressure amid the rising crude oil prices, global weakness of the US dollar and the latest figures from Canada. If the former two factors remain in effect, the pair will continue to decline. Keep track of the price movement in real time.
Trading recommendations: if the price falls below 1.3400, it will drop further down to 1.3315.
The overall trend is upward. A breakout of 1.7080 will result in the formation of a rising M5 level pattern in wave (C) of a rising M15 level pattern, which may be the wave (C) of a rising H4 level pattern. The descending pattern (the assumed wave B M15) is truncated. Keep track of the rate changes in real time.
Trading recommendations: buy above 1.7080; Stop Loss: 1.7034; target levels: 1.7111, 1.7150.
The 171.0 support level is holding back sellers. If the price fixes above the resistance level, it will rise further. A fractal entry point will also be formed. Keep track of the rate changes in real time.
Trading recommendations: buy above 183.0; Stop Loss: 171.0; target levels: 194.0, 233.0.
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*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.