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EUR/USD has failed to cross the 1.1800 support level so far. If it breaks it, the way down to the low of June 14 at 1.1770 will be clear. The 50-period moving average near 1.1825 remains the strong resistance level. The next resistance is at yesterday’s high of 1.1850.
Gold has failed to cross the key resistance level of $1833, which lies at the 50% Fibonacci retracement level. The way to the 38.2% Fibo level of $1815 is clear now. If it breaks it, the way down to the 23.6% Fibo level of $1790 will be open. In the opposite scenario, if gold crosses the $1833 barrier, the metal can rally up to the next round number of $1850.
Finally, let’s see what’s happening with the British pound. The symmetrical triangle has occurred on the GBP/USD chart. It means that we should wait for a breakout of the lower or upper line. If the price goes below the lower line and surpasses the 1.3800 support level, it will fall to 1.3750. However, 1.3800 is a strong barrier and the pair is likely to bounce off rather than breaking out. Resistance levels are 1.3865 and 1.3900.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
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