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Trading recommendations for the EUR / USD pair on July 29
EUR / USD
Analysis of transactions
Several attempts to sell the euro were made yesterday, but they all failed since the quote moved into a narrow range, which usually happens in the market before the release of important reports or before important economic events.
Today is the second day of the FOMC meeting, during which the members will make a number of decisions on the current monetary policy. In other words, the Fed will announce its decision on interest rates today. If the rates remain unchanged, no changes will occur in the pair since many economists are counting on such an event. Therefore, there is a risk that the pair will continue to remain in a narrow channel.
Trading recommendations for the GBP / USD pair on July 29
GBP / USD
Analysis of transactions
A good "buy" signal was formed at the level of 1.2877 yesterday, which resulted in a profit of about 50 pips. The 5-minute chart shows that after reaching the level of 1.2877, the British pound continued to rise to the target level which is 1.2925, where it was necessary to exit the market to reduce the chance of losing profit.
No important macroeconomic report in the United Kingdom is expected today, so the pound will only rise if the US dollar continues to decline today.
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