On a relatively calm day, the key focus will be on the ECB President Mario Draghi's testimony about the economy and monetary policy. It might infuse a fresh bout of volatility for the major pair and we are looking for Call options at 1.1730 for today's expiry.
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EURUSD is trading around 1.1780 ahead of the Eurozone preliminary PMI releases which are scheduled later today at 08:00 GMT. Yesterday, the pair broke 1.1730 resistance, and we would expect a minor pullback before the bullish bias resumes.
EURUSD is currently trading above 1.1700 and a bigger rally could be on the cards if ECB President plays down risks of trade wars. Mr. Draghi's speech is scheduled for today at 13:00 GMT and it is the main event that will set the market sentiment for today.
EURUSD is trading around 1.1620 ahead of ECB interest rate decision that is scheduled for today at 11:45 GMT. It is expected the central bank to keep the rates unchanged and traders will focus their attention on Draghi's speech at the press conference.
GBPUSD is trading around 1.3040 ahead of a very busy day with Bank of England in the headlines. Traders would be waiting the monetary policy decisions from BoE to get fresh hints on the rate hike outlook. Although the interest rates are expected to remain unchanged, the tone and language will drive the market sentiment.
EURUSD is trading at around 1.1600 after bouncing from support 1.1550 level. The positive headlines about possible Brexit deal could boost the common currency for a short term. Traders could also expect a pullback at 1.1630 that could result in one hour red candle close.
The Euro is heading down with increased U.S. dollar demand and we would expect the downtrend to continue in the short term. Traders should be aware about possible pullback at 1.1550 level that could see the Euro retracing some of the recent losses.
EURUSD is currently trading at around 1.1610 and we expect to retrace some of the recent losses before it continues the downtrend. Except from the manufacturing data there are not major releases scheduled for today.
EURUSD is trading around 1.1700 with possible Brexit deal pushed the Euro higher. The positive GDP data from the US didn't help much the greenback in the European session but we could see the dollar gaining at the close of US session.
USDJPY is trading around 111.15 ahed of the US GDP data and we would expect the rally to continue after testing 111.00 level. Looking on the chart, we can see a bullish flag formation that can result in the pair touching 111.50 before end of the day.
Because of the light calendar, traders are likely to make decisions based on price action and sentiments. USDJPY is trading around 111.00 with not much of an action in the last few days. The major pair is moving in a descending pattern since 19th of July when USDJPY reached 113.00 level and we would expect that downtrend to continue.
The British pound is trading down waiting for the Bank of England interest rate decision that is scheduled for today at 11:00 GMT. The BoE is expected to deliver a 25 basis points rate hike. We are expecting further drops and GBPUSD to test 1.3060 before it makes a correction and eventually to close higher on the day.
The U.S. dollar conquers 112.00 against the Japanese Yen with more import tariffs slapped on China. Yesterday, the Bank of Japan prompted some selling around the Japanese Yen which additionally boosted USDJPY to surpass 112.00 level. Today's key focus would be on Fed's monetary policy statement that is scheduled for 18:00 GMT, traders will expect to get some fresh clues over the upcoming rate hakes.
EURUSD is trading on the downside, with the GDP reports for the second quarter suggested that growth in the Eurozone expanded just 0.3%. The slower economic growth and higher demand for U.S. dollars may push the pair further down and EURUSD eventually to close lower on the day. Looking on the calendar, traders should be interested in Fed's decision on interest rates that is scheduled for 18:00 GMT today.
EURUSD is trading higher around 1.1740 after EU inflation and GDP data, while the data is mixed, the ECB cares about inflation more than anything else. We would expect the pair to retrace some of the recent gains and eventually close lower on the day. Looking on the calendar, U.S. core PCE report is coming next and could potentially straighten the U.S. dollar.
The British pound is looking to recover after recent losses and probably to close higher on the day. The highly anticipated BoE monetary policy decision, which is scheduled for this Thursday, will provide high volatility and traders must be ready to take action.
The EURUSD major pair is trading in a range since end of May this year and it will probably continue in August in the same way. For today, we would expect action to happen in the range between 1.1630 - 1.1680 levels and the pair eventually to close near the upper level. The German Inflation data report is scheduled for today 12:00 GMT, but with monetary policy divergence, it is unlikely to influence the market heavily.
Investors in the UK will be looking to see EU response to the Brexit white paper. GBPUSD just recently hit new 10-month lows in reaction to disappointing UK data. Currently, the British pound is trading lower at around 1.3020 and we expect the pair to close lower for 21:00 GMT.
The Euro is trading lower around 1.1650 amid rising fears of currency wars. On a light calendar, traders would be considering end of the week profit taking and warning signals from IMF about trade wars. Looking at the charts we can see strong bears taking over once again and EURUSD eventually closing lower for 21:00 GMT.
With the UK inflation stagnated at 2.4% the British pound hit new lows near 1.3000 level and we would expect a correction in the near terms. Looking at the chart we see a potential support at 1.3040 the could hold the pound from further drops and eventually closing higher on the day.