Forecast for EUR/USD on July 6, 2020


The market was completely calm and thin on Friday and the euro gained seven points. The technical picture has seriously moved towards the euro's rise this morning, towards the nearest target of 1.1420. Apparently, investors continue to test the market for its ability to take risks. This is confirmed by the increase in the yields of government bonds in Australia and the United States and the decline in gold prices in the Asian session. The signal line of the Marlin oscillator remains in the zone of negative indicators, it is not in a hurry to grow, which creates a sign of divergence that is beginning to form. The euro could reach 1.1465.


The price went over the balance indicator line on the H4 chart, the market balance shifted mainly to purchases, to the euro's growth. Consolidating the price above 1.1265 will allow it to continue growing towards the intermediate target of 1.1353, then to 1.1420. Marlin in the growth zone.

It is difficult for the price to move down. In order to do this, it needs to overcome the support of the MACD line (1.1214), but this action already requires strong fundamental factors. If they do not follow during the day, we are waiting for the price to increase further.


The material has been provided by InstaForex Company -