Market gaps happen when the opening price doesn’t match the previous day’s close. Higher open? It might be time to buy. Lower open? Could be a chance to sell. How do you trade market gaps?

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📊 Euro falls sharply as Fed remains cautious

The euro (EUR) extended its decline towards 1.14000, the lowest level since mid-June. A stronger U.S. dollar (USD) pressured the euro as traders reacted to the Federal Reserve's (Fed) latest policy decision.

👉 Possible effects for traders

The Fed kept the federal funds rate unchanged as expected. Fed Chair Jerome Powell signalled at the press conference that a rate cut in September was far from guaranteed. Powell noted that the Fed would stick to its data-driven approach and that there was no clear plan for the Fed's next meeting. The U.S. dollar further strengthened, rising by nearly 2.5% in three days.

Meanwhile, fresh data showed the eurozone economy grew by a modest 0.1% in Q2, slowing sharply from 0.6% in Q1 but still exceeding expectations. The data was mixed, showing that Germany and Italy's gross domestic product (GDP) contracted by 0.1%, while France and Spain's expanded. Expectations for the European Central Bank (ECB) rate cut have also been pushed further out.

EURUSD is now in a freefall after closing way below 1.16000 on Wednesday. There is no significant support as the major trendline on the daily chart has been broken. Much will depend on the U.S. dollar, which reversed its longer-term downtrend and strengthened against the basket of main currencies, especially the euro. Investors should watch the upcoming Personal Consumption Expenditures (PCE) and Jobless Claims data today at 12:30 p.m. UTC for signs of a bigger picture change.

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XNGUSD, daily chart📈
XNGUSD continued to plunge after falling back below the resistance at 3.3000. The price remains below the diverging bearish EMAs, indicating downside potential.

If XNGUSD recovers above 3.0000, the price may retest EMA21 and the resistance at 3.3000.

Conversely, plunging below 3.0000 may prompt XNGUSD to retest the following support at 2.7000.

#economic_calendar

These events may affect the market on 1 August.