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EUR/USD

Market Opportunities - 31/07/2020

31 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 strong fundamentals data and due to worse than ever GDP data in the US.
  • Gross domestic product from April to June plunged 32.9% on an annualized basis, according to the Commerce Department’s first reading on the data released Thursday, making additional pressure on the US dollar.
  • From Technical perspective, EUR/USD is an extremely upward movement, supported by all major technical indicators. The Daily Relative Strength Index is above 80, the extremely high levels, but still rising. 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, closing level of 1.20. If the daily RSI manages to stay around 1.19, the price may continue to increase to the Resistance 1 level of 1.2000.

EUR/USD July 31, 2020
Current Price: 1.1885

EUR/USD

Weekly

Trend direction

UP

Resistance 3

1.2230

Resistance 2

1.2115

Resistance 1

1.2000

Support 1

1.1770

Support 2

1.1655

Support 3

1.1540

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 $

3,450.00

2,300.00

1,150.00

-1,150.00

-2,300.00

-3,450.00

Profit or loss in €**

2,902.09

1,934.72

967.36

-967.36

-1,934.72

-2,902.09

Profit or loss in £**

2,627.17

1,751.45

875.72

-875.72

-1,751.45

-2,627.17

Profit or loss in C$**

4,630.59

3,087.06

1,543.53

-1,543.53

-3,087.06

-4,630.59

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 08:20 (GMT+1) 31/07/2020
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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