FX.co ★ Operational analysis of movement options for EUR/USD & GBP/USD (H1) on July 16-17, 2020

Minuette operational scale (H1)

Current development options for the movement of EUR/USD & GBP/USD (H4) on July 16-17, 2020.

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Euro vs US dollar

The development of the movement of the single European currency EUR/USD on July 16-17, 2020 will be determined by the development and direction of the breakdown of the range:

• resistance level of 1.1452 - UTL control line for Micro operational scale forks;
• support level of 1.1425 - upper border of the channel 1/2 Median Line Micro.

In case of breaking the support level of 1.1425, the development of the single European currency within the boundaries of the channel 1/2 Median Line (1.1425 - 1.1418 - 1.1410) and equilibrium zone (1.1410 - 1.1397 - 1.1385) of the Micro operational scale fork with the prospect of achieving the ultimate line FSL Micro (1.1340) and update local minimum 1.1326.

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If the resistance level of 1.1452 breaks on the UTL control line, the Micro operational scale fork will confirm the possibility of continuing the upward movement of EUR/USD to the borders of the equilibrium zone (1.1495 - 1.1535 - 1.1570) of the Minuette operational scale fork.

Options for EUR/USD movement on July 16-17, 2020 are shown on the animated chart.

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Great Britain pound vs US dollar

The movement of Her Majesty's currency GBP/USD on July 16-17, 2020 will continue depending on the development and direction of the breakdown of the range :

• resistance level of 1.2625 - the initial line of the SSL of the Minuette operational scale fork;
• support level of 1.2600 - the upper limit of ISL61.8 of the Micro operational scale fork.

The breakdown ISL61.8 Micro - support level of 1.2600 will make the actual development of the movement in the zone of equilibrium (1.2600 - 1.2580 - 1.2555) of the Micro operational scale fork, and the breakdown ISL38.2 Micro (1.2555) the downward movement of the currency of Her Majesty may continue to the boundaries of the channel 1/2 Median Line Micro (1.2520 - 1.2500 - 1.2483) with the prospect of reaching the upper border ISL38.2 (1.2433) of the Minuette operational scale fork.

If the resistance level of 1.2625 on the starting line SSL of the Minuette operational scale fork will make the actual continuation of the upward movement of GBP/USD to targets:

• FSL end line (1.2669) of the Micro operational scale fork - local maximum;
• UTL control line (1.2715) of the Minuette operational scale fork;
• warning line UWL61.8 Minuette (1.2777).

Options for the movement of GBP/USD on July 16-17, 2020, look at the animated chart.

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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).

Formula for calculating the dollar index:

USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF 0. 036.

Where the power coefficients correspond to the weights of currencies in the basket:

Euro - 57.6 %;

Yen - 13.6 %;

Pound sterling - 11.9 %;

Canadian dollar - 9.1 %;

Swedish Krona - 4.2 %;

Swiss franc - 3.6 %.

The first coefficient in the formula brings the index value to 100 on the starting date - March 1973, when the main currencies began to be freely quoted relative to each other.