EUR/USD Forex Signal Today 31/07: Crash Accelerates (Chart)
(MENAFN- Daily Forex) Bearish view
- Sell the EUR/USD pair and set a take-profit at 1.1200. Add a stop-loss at 1.1570. Timeline: 1-2 days.
- Buy the EUR/USD pair and set a take-profit at 1.1570. Add a stop-loss at 1.1200.
The pair will also react to the upcoming nonfarm payrolls (NFP) data on Friday. These numbers will help the Fed decide when to cut interest rates.
EURUSD Chart by TradingViewEUR/USD Technical AnalysisThe daily chart shows that the EUR/USD exchange rate has crashed in the past few days. This drop happened after the pair formed a double-top pattern at 1.1830 and has now moved below the neckline at 1.1570.The pair has moved below the 23.6% retracement level at 1.1440. It also plunged below the 5-day moving average, while the two lines of the MACD have formed a bearish crossover.Therefore, the pair will likely continue falling as sellers target the psychological point at 1.1200. A move above the neckline at 1.1570 will invalidate the bearish outlook.Ready to trade our daily Forex signal ? Check out the best forex brokers in Europe worth using.
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