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Market View

Market Daily Outlook - EURUSD approaching 1.16

Thursday, July 23, 2020 1:40 PM GMT

Greenback and its rival, EUR, are approaching major long-term support and resistance levels which traders should carefully monitor. USD remains extremely weak while EURUSD keeps the upward momentum. The US lawmakers are still debating on the stimulus aid package while EU leaders have already reached an agreement. These events drive fiber to the upside. 

US indices still keep the current levels with NAS100 overperforming against SP00 and US100 up to now for 2020. On the other hand, the EU market has mixed bias. GER30 is trying to cancel the daily formed Doji on Tuesday while FR40 is still consolidating. 

 

The US-China tensions don’t allow the Asian market to perform positively.  The US is openly blaming Sino-side that Chinese hackers targeted American companies regarding their virus research. 

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Reading the technicals, EURUSD has reached the 50% Fibonacci retracement level as well as the long-term declining trendline. Worth mentioning, the Stochastic (14,3) is overbought for a second week.

Weekly

Gold has approached all-time highs even more today.

Weekly

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GBPUSD is trying to verify the triangle’s breakout for a second day. In the meantime, Boris Johnson looks negative to reach a deal with the EU. Stochastic (14,3) has stalled above the 80 level.

Daily

Checking the ZuluTrade’s Traders Sentiment, the community is currently bearish on EURUSD, GBPUSD, GBPJPY, and USDJPY.

 

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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