Forecast for EUR / USD pair on July 18, 2019

EUR / USD pair

The correctional growth of the euro yesterday and today in the Asian session turned out to be stronger than our expectations. The increase was due to a decline in US construction data with 1.25 million y/y of houses were created in June against the forecast of 1.26 million and 1.27 million in May. Meanwhile, the number of permits issued for the construction of a new house was only 1.22 million against 1.30 million a month earlier.

analytics5d2ff4e052253.png

On the daily scale chart, the price is already close to the MACD blue indicator line. We believe that its current growth will be limited. As before, we are waiting for a price reduction to the signal level of 1.1193, the prospect of a mid-term decline opens for the euro after overcoming of the said level. Marlin oscillator is in the area of negative numbers.

analytics5d2ff4f78b2db.png

On the four-hour chart, the price went above the MACD line but two other indicators point to the continuing downward trend. This is the red balance line on the price chart with the quotes currently below it. The Marlin oscillator, whose signal line is developing in the zone of negative numbers.

The material has been provided by InstaForex Company - www.instaforex.com