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EUR/USD

Market Opportunities - 29/07/2020

29 July, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD uptrend opportunity based On 1.00 Lot Calculation:

  • The Euro continues to rise against the US dollar supported by new EU leaders last week through a 750 billion Recovery fund which was adopted last week by EU leaders.
  • On the other hand, the US dollar is under strong pressure ahead of the FED meeting this week and possibilities that the FED could consider to adopt a negative interest rate if the US economy conditions does not improve in the next period.
  • From Technical perspective, EUR/USD is an extremely upward movement, supported by all major technical indicators. The Daily Relative Strength Index is above 70 suggesting a strong position, with real possibilities to go toward level of 80, which can be considered as a first resistance point. Also the pair current price is well above 20-day, 50-day and 200-day Moving Averages giving also strong support to the price to go up. If the daily RSI manages to stay above the level of 70 in the next few days, the price may continue to increase to the Resistance 1 level of 1.1809.

EUR/USD July 29, 2020
Current Price: 1.1740

EUR/USD

Weekly

Trend direction

UP

Resistance 3

1.1947

Resistance 2

1.1878

Resistance 1

1.1809

Support 1

1.1671

Support 2

1.1602

Support 3

1.1533

Example of calculation base on weekly trend direction for 1.00 Lot*

EUR/USD

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

2,070.00

1,380.00

690.00

-690.00

-1,380.00

-2,070.00

Profit or loss in €**

1,768.32

1,178.88

589.44

-589.44

-1,178.88

-1,768.32

Profit or loss in £**

1,611.65

1,074.43

537.22

-537.22

-1,074.43

-1,611.65

Profit or loss in C$**

2,809.20

1,872.80

936.40

-936.40

-1,872.80

-2,809.20

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 08:20 (GMT+1) 29/07/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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