Forecast for EUR/USD on February 7, 2019

EUR/USD

On Wednesday, the volume of industrial orders in Germany in December showed a decrease of 1.6% instead of the expected growth of 0.3%, and the US trade balance for November showed an improvement from -55.7 billion dollars to -49.3 billion. As a result, as we expected, the euro easily broke the support of the price channel line on the daily chart, and the target at 1.1302 became even closer.

On both graphs, the situation is completely descending, there are no signs of reversal on H4. But the Marlin oscillator on the four-hour chart is close to the oversold zone, which can trigger a correction from the target level of 1.1302 of about 50-60 points. Overcoming support will open the second target at 1.1262.

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