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Despite the pessimism of market participants about the release of European economic data, namely the German Ifo Business Climate data. For today's market movement, EURUSD is predicted to continue its strength. This is due to the US Dollar which is still weakening against several other major currencies. Although the number of Covid-19 sufferers with the Delta variant is still increasing in Europe, the Eurozone country is still focused on the release of GDP data of major European countries which will be released on Friday.
The countries that will release their GDP data are: France, Spain, Germany and Italy which are predicted to be positive for the Euro currency, but on the one hand, the European Central Bank's statement that takes a dovish stance on inflation will actually weaken the Euro. The US Dollar currency is currently weakening only against several other major currencies. Last week and at the beginning of yesterday's trading, the condition of the US Dollar strengthened and reached its daily high.
The weakening of the Greenback is due to market participants taking profits first because they are waiting for the release of important data in the market this week. The economic data that will be released and awaited by market participants are the FOMC Statement, the Federal Fund Rate and the FOMC Press Conference. This data will be released on Thursday morning starting at 01:00 WIB. The statement of the chairman of the US Central Bank is highly awaited by market participants and will make price movements in the market very volatile.
Although it is estimated that the Central Bank will still maintain its low interest rate at the level of 0.25%, the Fed chairman's statement regarding further clarity regarding when the plan to reduce bond purchases can be carried out. Because Powell's statement will have a big effect on the market and have a high impact on the US Dollar currency.
EURUSD Daily Analysis July 27, 2021
EURUSD daily prediction and analysis is expected to
continue its strengthening/rising and the recommended OP (Open Position) is BUY at the level of 1.18150. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
| Preference | BULLISH |
| Target Profit 1 | 1,18250 |
| Target Profit 2 | 1,18350 |
| Stop Loss 1 | 1,18100 |
| Stop Loss 2 | 1,18050 |
