{"id":130824,"date":"2018-07-26T07:15:08","date_gmt":"2018-07-26T11:15:08","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=130824"},"modified":"2018-07-26T06:48:05","modified_gmt":"2018-07-26T10:48:05","slug":"overview-of-the-forex-market-26-07-18","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/07\/overview-of-the-forex-market-26-07-18\/","title":{"rendered":"Overview of the Forex market (26\/07\/18)"},"content":{"rendered":"<div id=\"inves-804770140\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 26, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Veselin Petkov, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p>President Donald Trump met with President of the European Commission Jean-Claude Juncker last night in Washington. They discussed the trade relations between the US and the EU. Financial markets indicate that after yesterday&#8217;s meeting, the tension in trade relations between the US and Europe may ease. Financial markets reacted positively to the results of yesterday&#8217;s talks between the US president and the president of the European Commission.<\/p>\n<p>EURUSD increased by about 50 pips from 1.1680 to 1.1730. However, I believe that this growth is not due to the meeting between Donald Trump and Jean-Claude Juncker, but most likely it occurred against the background of tensions among financial participants in anticipation of the ECB meeting. The EURUSD is simply behaving in a very volatile manner in the run-up to the ECB meeting.<\/p>\n<p>Today it would be a good idea to pay attention to the following key developments and macroeconomic data:<\/p>\n<ul class=\"list list_type_disc\">\n<li>14:45 Eurozone: ECB deposit rate decision.<\/li>\n<li>15:30 Eurozone: ECB monetary policy statement and press conference.<\/li>\n<li>15:30 US: durable goods orders (Jun).<\/li>\n<\/ul>\n<p><strong>EURUSD<\/strong><\/p>\n<p>On the H4 timeframe, EURUSD is testing the upper line of the\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/26947_23072018\/\" target=\"_blank\" rel=\"noopener\">descending triangle<\/a>.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/26.07.18_EURUSD_H4_5b597d349a139.png\" alt=\"\" \/><\/p>\n<p>On the H1 timeframe, EURUSD is testing the level at which the previous two local vertices (&#8220;Max 1&#8221; and &#8220;Max 2&#8221;) were formed.<\/p><div id=\"inves-837741326\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/26.07.18_EURUSD_H1_5b597d49d06c9.png\" alt=\"\" \/><\/p>\n<p>The key resistance in the EURUSD pair, in my opinion, remains at 1.1824. This is where the EURUSD pair was on the eve of the previous ECB meeting. I explained this\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/26947_23072018\/\" target=\"_blank\" rel=\"noopener\">earlier<\/a>.<\/p>\n<p>The chart shows trends neither on the H4 nor H1. Therefore, for the time being I will refrain from shorting the EURUSD pair. I will wait until the ECB meeting wraps up, and should the ECB not change its rhetoric on monetary policy, I will look for an opportunity to short the EURUSD pair. I wrote about it\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/26991_25072018\/\" target=\"_blank\" rel=\"noopener\">yesterday<\/a>\u00a0and explained why, looking at the fundamentals, I believe that the dollar is more promising than the euro.<\/p>\n<p>However, I want to clarify that today, following the publication of the ECB&#8217;s monetary policy decision and during the subsequent press conference, I expect increased volatility. Therefore, even if I were to open a short position, it would be after the volatility has waned and the market has calmed down.<\/p>\n<p>At the time of writing the EURUSD pair was trading at the 1.1728 mark.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">Overview of the Forex market (26\/07\/18)<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Veselin Petkov, Alpari President Donald Trump met with President of the European Commission Jean-Claude Juncker last night in Washington. They discussed the trade relations between the US and the EU. Financial markets indicate that after yesterday&#8217;s meeting, the tension in trade relations between the US and Europe may ease. Financial markets reacted positively to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-130824","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/130824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=130824"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/130824\/revisions"}],"predecessor-version":[{"id":130825,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/130824\/revisions\/130825"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=130824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=130824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=130824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}