28.07.202009:06 Forex Analysis & Reviews: Analysis and trading recommendations for the EUR/USD and GBP/USD pairs on July 28

Trading recommendations for the EUR / USD pair on July 28

EUR / USD

Analysis of transactions

The bulls formed a good buy signal after the quote reached the level of 1.1718. It led to a sharp rise to the level of 1.1750 and brought profit of about 30 points.

Today, attention will be given to the upcoming macroeconomic reports such as the data on consumer confidence in the United States, which may affect the direction of the European currency. Bad data will lead to a decline in the EUR / USD pair, so it is necessary to watch sales in the afternoon.

• Buy positions when the quote reaches the level of 1.1745 (green line on the chart), targeting a rise to the level of 1.1795. Such may occur in the morning amid reports on the state of the German economy. If data on consumer confidence turns out to be good, the euro will increase in price in the trading chart. Exit the market at a value of 1.1795.
• Sell positions when the quote reaches the level of 1.1708 (red line on the chart), targeting a drop to the level of 1.1656. However, such may occur only in the second half of the day, after the report on the state of the US economy is published. Exit the market at the level of 1.1656.

Trading recommendations for the GBP / USD pair on July 28

GBP / USD

Analysis of transactions

Selling the British pound from the level of 1.2824 did not bring significant profit, since the movement from the price was just about 16-18 points. Instead, another buy signal for the pound at the level of 1.2851 turned out to be more effective, and it brought profit of about 45 points.

No important data on the UK economy is expected today. Thus, the pound will only grow if the US dollar continues to decline in the forex market.

• Buy positions when the quote reaches the level of 1.2877 (green line on the chart), targeting a rise to the level of 1.2925 (thicker green line on the chart). Take profit when the price is at 1.2925.
• Sell positions after the quote reaches the level of 1.2836 (red line on the chart), targeting a drop to the level of 1.2780. However, such is trading against the trend so transactions must be treated very carefully to avoid losing profit. Close positions at the level of 1.2780.