Forecast for EUR/USD on August 10, 2020

EUR/USD

The euro began to fully reach a reversal last Friday, which is long overdue - the euro lost 87 points and it was based on good data on employment in the US. In the non-agricultural sector, 1.763 million jobs were created against the forecast of 1.6 million, overall unemployment dropped to 10.2% from 11.1% (forecast 10.5%).

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The price divergence with the Marlin oscillator reverses in full force on the daily chart. The price has already overcome the closest support at 1.1806. Now we are waiting for the price at the nearest level of 1.1620, then in the target range of 1.1420/90.

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The price consolidated above the 1.1806 level on the four-hour chart. The price also consolidated below the balance (red) and MACD (blue) indicator lines. The Marlin oscillator has entered the declining trend zone. We are waiting for a bearish trend to develop in the medium term.

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