Good and bad news | 28 July 2021

28 July 2021, EUR/USD

Good and bad news

EURUSD trading plan:

Futures market positioning, published each week by the U.S. Commodity Futures Trading Commission, showed the 16-month old net dollar short disappeared last week. The market looks basically back in balance for the first time since March 2016 - when a stress-related surge in demand for dollars as the pandemic unfolded was quickly reversed by a mix of Fed easing, central bank swap arrangements and a critical return of worldwide risk appetite. This is a positive signal for the dollar. Stocks of crude oil, gasoline and distillates in the United States fell last week. API data showed that crude oil inventories fell by 4.7 million barrels in the week ended July 23. This is a positive signal for the European currency.

Investment idea: range 1.1760 – 1.1850.

David Johnson
Analyst of «FreshForex» company
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