Forecast for EUR/USD on April 8, 2020

EUR/USD

The euro correctively grew by 98 points on Tuesday, stopping at the resistance of the balance indicator line on the daily chart. The signal line of the Marlin oscillator showed a small reversal while still in the declining trend zone.

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Of course, this is only an early and incomplete signal for a price reversal, the upper target of 1.0957 on the resistance of the embedded line of the price channel can be worked out. In the event of a reversal, the signal and condition of which will be overcoming the price of Monday's low (1.0768), the target opens along the lower line of the price channel at around 1.0620.

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On the H4 chart, the price worked out the previously determined target range of 1.0900/27 and left it back down. But the Marlin oscillator remains in the growth zone and its signal line does not show an intention to leave this zone. The price also develops above the MACD line. To change the trend to a downward price, it must overcome the support of the MACD line, and this can happen just above the signal level of 1.0768, but in general, opening a short position with overcoming just this level looks preferable.

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