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Friday, July 31st, today’s news—US GDP in the second quarter drops by the record 32.9% on an annualized basis, dollar slumps, big tech futures rise. Europe is mixed: the euro had its best month in a decade, ECB plans to extend support until summer 2021, while biggest EU economies shrink by record amounts. The price of Brent oil is $43.45, WTI—$40.16. EUR/USD is at 1.1857, GBP/USD—1.3115, gold is $1,972.45 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 is trading below the resistance level of 1.1900. Global weakness of the dollar is expected to escalate amid the apparent problems in the US economy and the massive stimulus by the Fed and the Treasury, which turn the dollar from a safe-haven currency into a funding currency. Keep track of the price movement in real time.
Trading recommendations: if the price goes above 1.1900, it will rise further to 1.1950.
The overall trend is upward. The currency pair is trading in the range of 365 and 135 moving averages. Awesome Oscillator indicates a bullish divergence. A breakout of the resistance level 75.44 will result in the formation of an ascending wave pattern within the overall uptrend. Keep track of the rate changes in real time.
Trading recommendations: buy above 75.44; Stop Loss: 74.86; target levels: 75.83, 76.70.
The support level of 61.80 is holding back sellers. Awesome Oscillator indicates a bullish divergence, while Stochastic Oscillator signals an oversold condition. Keep track of the rate changes in real time.
Trading recommendations: buy strictly when an ascending 1-2-3 pattern is formed, where wave 1 breaks through the inclined channel of the descending pattern.
Visit the new section on Grand Capital website to monitor the rate changes of your preferred instruments and get useful information to help you decide on a trading strategy.
*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.