Forecast for EUR/USD on August 13, 2020

EUR/USD

The market is not yet strong enough to push the euro. The single currency managed to break free of pressure and gained 44 points yesterday. Trading volumes were slightly above average. The Marlin oscillator is directed upwards, the price has overcome the target level of 1.1806 this morning. The price is facing a significant target at 1.1906 - the resistance of the upper border of the price channel of the monthly timeframe.

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The intermediate target on the way to 1.1906 is the MACD line at 1.1840 on the four-hour chart. Consolidating the price above this level will allow the price to continue growing. Strong fundamental factors are needed for such a consolidation with subsequent growth. They may not exist today, but the eurozone trade balance for June and even more significant data for the United States - retail sales, industrial production, consumer confidence - will be released tomorrow. The US data will obviously determine the euro's further direction.

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At the moment, we remain on the side of the dollar, therefore, we regard the current growth as a correction from the decline on August 5-11.

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