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EUR/USD Prediction for July 25, 2016

By:
David Becker

The EUR/USD dropped to a 3-week low, and is poised to test target support seen near an upward sloping trend line that connects the lows in March to the

EUR/USD Prediction for July 25, 2016

The EUR/USD dropped to a 3-week low, and is poised to test target support seen near an upward sloping trend line that connects the lows in March to the lows in June and comes in near 1.0920.  Additional support is seen near the June lows at 1.09.  Resistance is seen near the 10-day moving average at 1.1044.  The move was sparked by strong dollar buying despite a stronger than expected EU PMI report. Momentum has turned negative as the MACD (moving average convergence divergence) index generated a sell signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses below the 9-day moving average of the spread.
[wibbitz]b6a8430bc096f4507ae85a67f4dc09028[/wibbitz]
EMU Flash PMIs held up better than feared. The manufacturing reading eased to 51.9 from 52.8, and the services number was little changed at 52.7, vs 52.8 in the previous month, bringing the composite to 52.9 from 53.1 in the previous month.

About the Author

David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.

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