By - Jamel Lahiani
Today our analysis will be concerned with EURUSD, the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
FOREX Market Insights
Today, the market is hesitating and haven’t a strong orientation. In fact, Washington and Beijing placed new taxes on each other’s goods. Investors wait for a clarification and haven’t incentives to take decisions.
GRAPHIC 1: EURUSD DAILY CHART (AUGUST 3, 2019)
We have a powerful bearish trending market. The US Dollar is stronger than the Euro and wins 1.38% against the Euro last week. This explained by the BREXIT problem that weaken the European economy and the Trump commercial strategy that strengthen the US economy.
GRAPHIC 2: EURUSD HOURLY CHART (AUGUST 3, 2019)
We have a bearish volatile market inside the colored channel. The pair moves between two limit of the channel. A good entry to the market could be to sell at the top of the channel or when the candle crosses the MA14 in blue and close to the downside.
The ISM Manufacturing Index shows business conditions in the US manufacturing sector will be published at 14:00 HRS GMT. This indicator could have a strong impact to the EURUSD pair and a possible breakout could be considered leading to a powerful trend.
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