Forecast for EUR/USD on May 4, 2020

EUR/USD

The euro took the opportunity to increase and hit the first target level for the growing trend of 1.1026. Today started with a falling gap and attempts to test support for the price channel and the MACD line on the daily chart of the currency pair.

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The signal line of the Marlin Oscillator is turning down, but the gap is not closed, so there is a chance of another upward movement before the expected reversal and medium-term downward movement.

A prerequisite for a further decline will be for the price to fall below the MACD line on the four-hour chart (1.0870). At this point, the Marlin oscillator will also be in the negative trend zone.

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If the price goes above Friday's high, growth to the second bullish target of 1.1094 (peak on February 3) will be possible. We are waiting for events to unfold.

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