25/07/2023 Evening Reports
*The Ifo Business Confidence Index for July, which we are following today in Germany, decreased from 88.5 to 87.3, and the IFO Current Conditions Index decreased from 93.7 to 91.3. The data was expected to come at the level of 88.0 and 93.0, respectively.
*In the assessment made by the IMF, it was stated that global economic growth expectations were raised from 2.8% to 3.0% in 2023, and remained constant at 3% for 2024. It was also stated that the global recovery after the Kovid-19 epidemic and Russia’s invasion of Ukraine slowed down and the forces that hindered growth in 2022 continued.
*The US Consumer Confidence Index for July came in at 117.0, the highest level since July 2021. The data was expected to arrive at the level of 111.8. The previous data was at the level of 110.1.
Agenda of the day;
20:00 US Bond Auction
23:30 US API Crude Oil Stocks
EURUSD – Drops To 1.1025 Support…
The declines that started after the resistance encountered at the 1.1265 level in the EURUSD parity continued until the 1.1025 support. We can see recovery in case of holding above 1.1025 support. In this case, 1.1070 and 1.1125 can be followed as resistance. Breaking the 1.1025 level and prices below it may increase momentum in favor of the Dollar. In this case, 1.0990 and 1.0965 can create support.
DAX30 – Continues Its Course Within the Formation…
The Ifo Business World Confidence Index for July, which we follow today in Germany, decreased from 88.5 to 87.3, and the IFO Current Conditions Index decreased from 93.7 to 91.3. Despite the regression of the data, there was a rise up to the upper band of the DAX30 Index, with the support received from the lower band of the symmetrical triangle formation that we watch hourly. 16340 and 16390 may create resistance if the formation is upside down. In retracements, 16230.7 and the lower band of the formation can form support.
USDJPY – 141.60, Testing Resistance…
141.60 resistance in USDJPY was tested 2 times today but could not be passed. If this level is exceeded and above, the upward momentum may increase. In this case, 142.82 and 143.92 can form resistance. In pullbacks, 140,795 and 139.90 can be supported.
MT4 has user friendly interface that is providing simplicity and efficiency. The traders can perform trading strategies for different products like Forex and CFD. MetaTrader 4 has over 50 built-in indicators, also it’s the tool that predicts trends and defines the appropriate entry and exit points.
Please, fill the form to get an assistance.