Written By : ForexAbode.com || Wednesday, 29 July 2015 04:52 GMT

EUR/USD Daily Analysis - July 29, 2015

Current Exchange Rate: 1.1065 at the time of analysis update.

Intraday overall outlook:  neutral outlook for EUR/USD.

 
From trading point of view i.e. taking an immediate position we stay neutral but overall we are in favor of further upward consolidation for EUR/USD.
 
The break over 200-day moving average resistance, which has been working for over past one month was not decisive but, regardless, the pair made a better effort for a breakout. Adding to that, the resistance zone of July 23rd and 24th, which was supposed to turn into support has been acting that way, that is a support. 
 
If support at 1.1022 holds then a gain towards 1.1120 is expected. Any decisive break over 1.1129 should extend the upside towards 1.1160/1.1180 resistance zone.
 
On the downside a failure of 1.1.1022 should fine a strong support at or slightly above 1.1000. However a failure of that will turn the focus back towards downside. 
 
Overall we are just taking the recent gains as correction and staying bearish for the pair.
 
From the longer-term perspective we are not ignoring the possibilities of the decline towards 1.0660 to 1.0680 zone.
 
On the upside any break over 1.0950 may target 1.1020 to 1.1035 resistance zone.
 
 
Do also check all updates of EUR/USD analysis and outlook
 

EUR/USD Daily and Hourly Charts

EUR/USD Hourly Chart      

EUR/USD hourly chart -July 29, 2015

EUR/USD Daily Chart      

EUR/USD daily chart - July 29, 2015

 

EUR/USD testing the resistance of 200-day moving average but is expected to overcome that..

 

EUR/USD Interest Rate Comparison
(For Carry Trade)
Euro (EUR) interest rate
0.50%
US dollar (USD) interest rate
0.10%
EUR/USD interest Rate Comparison
0.40%

EUR/USD Resistance and Support with Daily Pivot Points (Values at GMT 00:00)

Last Updated (Thursday, 30 July 2015 01:34) GMT

Standard Pivot Point for EUR/USD Fibonacci Pivot Point for EUR/USD Woodie Pivot Point for EUR/USD Camarilla Pivot Point for EUR/USD
R3 1.1171 R3 1.1128     R3 1.0999
R2 1.1128 R2 1.108 R2 1.1118 R2 1.0988
R1 1.1046 R1 1.105 R1 1.1028 R1 1.0976
Pivot 1.1003 Pivot 1.1003 Pivot 1.0993 Pivot 1.1003
S1 1.0921 S1 1.0955 S1 1.0903 S1 1.0954
S2 1.0878 S2 1.0925 S2 1.0868 S2 1.0942
S3 1.0796 S3 1.0878     S3 1.0931
Open 1.1065 Open 1.1065 Open 1.1065 Open 1.1065
High 1.1084 High 1.1084 High 1.1084 High 1.1084
Low 1.0959 Low 1.0959 Low 1.0959 Low 1.0959
Close 1.0965 Close 1.0965 Close 1.0965 Close 1.0965

EUR/USD's Correlations with other currency majors

EUR/USD Correlation Values:
 
EUR /USD
P
e
r
i
o
d
E
U
R
/
U
S
D
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/JPY
GBP
/USD
NZD
/USD
USD
/CAD
USD
/CHF
USD
/JPY
1
W
e
e
k
1 0.78 0.28 0.82 0.51 0.77 0.54 -0.28 -0.89 0.02
1
M
o
n
t
h
1 -0.66 -0.65 0.24 0.15 0.36 0.78 -0.8 -0.96 -0.63
1
Y
e
a
r
1 0.22 -0.67 -0.71 0.9 0.9 0.85 0.55 -0.99 0.69

EUR/USD Correlation Graph:
 
0.78
   
0.22
   
 
0.28
   
-0.67
   
 
0.82
   
-0.71
   
 
0.51
   
0.9
   
 
0.77
   
0.9
   
 
0.54
   
0.85
   
 
-0.28
   
0.55
   
 
-0.89
   
-0.99
   
 
0.02
   
0.69
   
   
0.78
   
0.22
 
   
0.28
   
0.67
 
   
0.82
   
0.71
 
   
0.51
   
0.9
 
   
0.77
   
0.9
 
   
0.54
   
0.85
 
   
0.28
   
0.55
 
   
0.89
   
0.99
 
   
0.02
   
0.69

Notes and caution about Forex analysis for EUR/USD

The daily EUR/USD analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and EUR/USD price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for EUR/USD.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the Current EUR/USD Exchange Rate.

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