Forecast for EUR/USD on July 15, 2020

EUR/USD

The euro grew (56 points) yesterday, and it reached the nearest target of 1.1420 this morning, which may go down in a correction, or to go over it and to continue growth to the nearest target of 1.1465, which essentially is the upper limit of the target range 1.1420/65 or much higher to the goal of 1.1560, but rather in the 1.1550/60 range, the lower limit of which is the low of November 2017. The euro's growth outlook is mixed. The main scenario assumes a price reversal to form a divergence with the Marlin oscillator, and in case of a price reversal from 1.1420, the divergence will already take place, but the price still needs to grow for a stronger pattern. In a scenario of continued growth, the price can go much higher than 1.1560 with a high-growing Marlin, there will be no divergence.

analytics5f0e7942dad45.jpg

The Marlin double divergence has almost formed on the H4 chart. There is a probability of a price reversal from the current level. Further growth can be expected after pinning the price above 1.1420, the option with a reversal will become relevant after the price goes under the signal level of 1.1349, which is the June 23 high. In this case targets will be the marked levels on the daily chart: 1.1265, 1.1195.

analytics5f0e79559a5d5.jpg

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