Forecast for EUR/USD on July 17, 2020


The euro has strengthened its reversal signs over the past day. Having decreased by 30 points, the price points indicate the upcoming divergence with the Marlin oscillator with great emphasis. The signal line of the oscillator is about to move into the zone of negative values. The declining mood will become clear after the price moves below the signal level of 1.1349 - the June 23 high. In this case, the euro's nearest target is 1.1265, then 1.195, which is approaching the MACD line.


On the working scale of H4, the signal line of the Marlin oscillator went down from its own rectangular range, entering the downward trend zone. The MACD line approached the signal level of 1.1349, which strengthened the significance of this level - the stronger it is, the more important it is for the price to overcome it.


However, a reversal might not form. If the price goes above the level of 1.1420, the 1.1465 target will open again. Overcoming 1.1465 paves the way to 1.1560, towards forming a less steep divergence on the daily scale.

The material has been provided by InstaForex Company -