Forecast for EUR/USD on April 29, 2020

EUR/USD

The euro made an attempt to grow on Tuesday, but the bearish players returned it and so it ended the day with a decrease of 10 points. Thereby, the technical picture of the instrument has not changed on the daily chart. The main intrigue is still contained in the Marlin oscillator triangle, since the direction of the exit of the signal line can set the direction of the medium-term movement.

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The triangle's potential is decreasing, since the main part of the time, the line is in the territory of negative values. A signal for a significant decrease in the euro will be a fall at a low of April 6, 1.0768, and a target will open along the price channel of 1.0605.

An alternative option implies a price increase after going above a strong resistance of 1.0940, but the possible increase to 1.1165, to the line of the price channel, seems difficult and unpredictable, many strong record levels are located on this path.

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The four-hour chart shows that the MACD indicator line stopped yesterday's growth. In addition, the price remained within the accumulation range (gray area).

In accordance with the main scenario, we are waiting for the price to go out of the accumulation zone down, overcome the signal level of 1.0768 and further move to 1.0605.

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