FX forecast for August 4 – euro hits yearly record high

[EUR/USD] The European common currency reached a yearly record level on the international currency market yesterday – $1.4444 – but will fall to $1.4170 the coming days, Financial Brains director, PhD Sveatoslav Mihalache has told Info-Prim Neo. After U.S. statistical data were published on Monday afternoon, the euro passed the powerful resistance level of $1.4330, climbing to a yearly record high of $1.4444. Afterward, it slid to yet a high level – $1.4380. ”The long-term graphs, for a day, a week and a month, show that the euro entered an “over-purchase zone”, Sveatoslav Mihalache said, adding that the euro is expected to lose value in the near future. ”After hitting this year’s record, the trade diapason of the EUR-USD pair moved up slightly, but this dislocation is not as important as the moment when the euro passed the level of $1.3740. ”Financial Brains forecasts that the euro will drop to $1.4170,” Mihalache said. [EUR/MDL] Owing to the abovementioned reasons, not due to political circumstances, the euro will gain at the Moldovan currency exchange facilities. The buy rates will vary between 15.97 and 16.02 lei, while the sell rates between 16.13 and 16.18 lei. [USD/MDL] On the first day of the week, the US dollar appreciated slightly against the Moldovan leu. On the interbank market, the dollar was traded yesterday at an average price of 11.22 lei. The rates at the currency exchange facilities will be as follows: 11.19 – 11.21 (bid) and 11.25 – 11.26 (ask). For further details, visit www.fb.md.