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2025-07-29 19:21:23
[EUR/USD: The US dollar remains strong, breaking through key support levels; bulls beware!] ⑴ On July 29, EUR/USD hit a one-month low of 1.1527 on the Electronic Brokerage Service (EBS) in overnight trading, having traded between 1.1599 and 1.1527. ⑵ Despite weaker US yields, tighter spreads, gains in gold and equities, and a decline in USD/CNH, factors that typically dampen the dollar's gains failed to halt its strong advance. ⑶ Dollar buying during the European morning session was the key driver of EUR/USD's decline during this trading session. ⑷ Technically, the EUR/USD pair exhibits a bearish bias, having fallen below its 55-day moving average and remains below its declining 10- and 21-day moving averages. ⑸ The downward trend in the daily and monthly relative strength index (RSI), as well as the price's failure to hold above the 76.4% Fibonacci retracement level of 1.2349 to 0.9528, are bearish signals. ⑹ The market needs to pay close attention to the upcoming US JOLTS job vacancy data for June and the July consumer confidence report, as these data may further influence the direction of the US dollar.
