Forecast for EUR/USD for April, 21, 2020

EUR/USD

Oil and US stock indices fell on Monday. Investors again felt fear and continued to buy up the dollar as a safe haven currency. And although the euro fell by only nine points yesterday, fears and uncertainty will continue to dominate the markets for several more days.

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The picture remained unchanged on the daily chart - the price is under the indicator lines of balance and MACD, the Marlin oscillator moves horizontally in the negative trend zone. The 1.0610 target for supporting the embedded price channel line of a higher timeframe is maintained.

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The situation is also unchanged on the four-hour chart, with the only difference being that the indicator lines have started to go down, which strengthened the potential for decline. The final condition for the price to move to 1.0610 will be for the price to overcome Friday's low at 1.0812. Accordingly, short positions can be opened from this level.

An alternative short-term scenario suggests another branch of price growth to the MACD line on the H4 towards the area of 1.0930.

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