KEY GRAPHIC ELEMENTS
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Small downward pressure on the European currency as a crucial week is coming up. Indeed, this week the Federal Open Market Committee begins its final interest rate-setting meeting tomorrow, with an announcement expected on Wednesday afternoon, and the European Central Bank is due to announce its monetary policy decision within hours. Both central banks are expected to raise interest rates by a quarter of a percentage point. In the meantime, traders are relying on the latest published data. The euro fell after the announcement of a sharper than expected slowdown in business activity in the euro zone in July, through the PMIs published today. We will watch the euro’s decline on the 20-period moving average to find buying opportunities. Indeed the trend on the European currency remains upwards.
MEDIUM TERM FORECAST
In view of the key graphic factors that we have mentioned, our opinion is positive in the medium term on the Euro Dollar (EURUSD) parity.
Our entry point is at 1.1075 USD. The price target of our bullish scenario is at 1.1500 USD. To preserve the invested capital, we advise you to position a protective stop at 1.0900 USD.
The expected return of this Forex strategy is 425 pips and the risk of loss is 175 pips.
The News Bulletin 247 board
CHART IN DAILY DATA
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