Morning Insights 29th July

Simon Alagbe

Analyst

Instrument: EURUSD

The Greenback traded lower against most of the major currencies on the back of the Federal Reserve’s monetary policy announcement. EUR/USD rose to its strongest level in nearly 2 weeks. The Fed Chair at the press conference said “What we’ve seen is with successive waves of COVID over the past year and some months now, there has been less in the way of economic implications from each wave. We’ll see whether that is the case with the delta variety. But it’s certainly not an unreasonable expectation.” 


Technicals: 

The pair currently trades above the 21 EMA on the hourly timeframe favouring more moves to the upside with a target at 1.19028 and stop-loss at 1.18273. 


Fundamentals 

Advance GDP q/q (USD)  1:30 PM

Advance GDP Price Index q/q (USD)  1:30 PM

Unemployment Claims (USD)  1:30 PM

Pending Home Sales m/m (USD) 3:00 PM

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