Forecast for EUR/USD on August 7, 2019


Yesterday on Tuesday, despite a high-range day of 80 points, the euro's situation returned to its original position at the end of the day. On top of the limiter was the MACD line on a daily scale, below the record support of the first days of May. The price has not consolidated itself below the enclosed line of the price channel of 1.1195, but today's general situation has increased pressure on the euro. The signal line of the Marlin oscillator slightly went into the growth zone, but the day has just begun, and in the black candle's case, this line will already be in the territory of negative numbers.


On the four-hour chart, the price is above the indicator lines of balance and MACD, the Marlin oscillator is weakening before our eyes. Formally, the situation is neutral, in order to develop the decline, which is our main scenario, the price needs to gain a foothold under the price channel line on the daily chart, below 1.1195, the immediate goal will be the Fibonacci level of 110.0% at the price of 1.1155. Next, we are waiting for development towards targets of 1.1074 - to the Fibonacci level of 123.6%.


To develop growth, the price's first task will be to consolidate above yesterday's high of 1.1250, then the goal will be the range of 1.1307/24 - the accumulation of extremes from October 2018 to July 2019

The material has been provided by InstaForex Company -