Live Updates > Live Update Details
2025-07-29 18:39:09
[EUR/USD: Is the decline just a buildup of momentum, and could the rebound be even stronger?] ⑴ On the evening of July 29th, EUR/USD fell from a high of 1.1830 on July 1st to 1.1527 on July 31st. ⑵ This decline approached the 38.2% Fibonacci retracement target of 1.1538 for the May-July rally, suggesting it may be merely a correction within a major uptrend. ⑶ Crucially, EUR/USD rebounded quickly after reaching this target, suggesting that this pullback may strengthen its underlying uptrend. ⑷ The previous advance had been excessive, and this decline coincided with the lower band of the 20-day Bollinger Band, providing support for a technical correction. ⑸ Market traders may have taken this opportunity to trim some bullish positions, reducing resistance to further gains. ⑹ Forex traders primarily took profits, setting the stage for a larger rebound in EUR/USD, potentially shifting market sentiment.
