Forecast for EUR/USD on April 24, 2020

EUR/USD

The euro continues to aggressively move towards its intended target of 1.0610 - to support the embedded line of the price channel on the daily chart. The EU economic recovery summit that ended yesterday was unsuccessful. Expectations of economists on business activity indexes were overestimated: Manufacturing PMI was 33.6 points in April against the forecast of 38.7, Services PMI showed only 11.7 points against the expectation of 23.2.

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The price is falling under the balance and MACD indicator lines. The lines themselves are directed downward, while the main trend is decreasing. The Marlin oscillator is going down in the bears zone. You can also notice that the signal line of the oscillator went down from its own wedge, which indicates the further intention of the price to decline.

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The price is falling below the red balance line on the four-hour chart. Marlin is declining in the negative trend zone. We expect the euro to decline further.

It is possible to open short positions in the market with stop loss above 1.0815.

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