EUR Becomes Less Overbought – Overview for July 19, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/EURUSD_21-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="EUR/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p>However, this development is unlikely to significantly alter the long-term outlook for the <a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR/USD</a> pair.</p>

<p>The major <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> has retraced and is now consolidating, with the current EUR/USD exchange rate at 1.1230.</p>

<p>EUR/USD has shed some of its overbought status after reaching the yearly high of 1.1280. From a market perspective, this adjustment doesn't bring about substantial changes: the US dollar remains weak due to the anticipation of Federal Reserve decisions regarding interest rates.</p>

<p>Yesterday, the US presented mixed economic data. For instance, retail sales in June increased only by 0.2% month-on-month, falling short of the forecasted 0.5%. This could be attributed to a seasonal decline in demand. On the other hand, retail prices remain high, which has been curbing buyer activity.</p>

<p>Industrial production volume also continued to decline, with the indicator dropping by 0.5% month-on-month, matching the figures from May. Production is decreasing due to uncertainties surrounding sustained demand at current price levels.</p>

<p>Today's focus should be on the final <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> statistics for the eurozone in June. The indicator is expected to remain at 5.5% year-on-year. In the evening, the US will publish the report on new housing starts for the previous month.</p>

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