Forecast for EUR/USD on August 24, 2020

EUR/USD

The euro continued to decline to the lower border of the trading range of 1.1710-1.1905, falling by 62 points last Friday. The reason for this was the discrepancy in the business activity indices of the euro area and the United States. So, the European Manufacturing PMI fell from 51.8 to 51.7 in August, and the US Manufacturing PMI increased from 50.9 to 53.6. To fully consolidate the downward trend, the price needs to settle below the lower limit of the range. The first goal is the 1.1625 level. The MACD line (blue indicator) is already approaching this level. The Marlin oscillator has entered the negative zone, strengthening and supporting the market mood.

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The price settled under both indicator lines on the four-hour chart, and the chances of reaching the lower limit of the 1.1710 range increased.

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