Forecast for EUR/USD on August 25, 2020

EUR/USD

Monday was quite calm for the market, the dollar index added 0.13%, the euro fell by only 6 points, and the technical situation on a daily chart did not change. The price is also developing in a wide range of uncertainty at 1.1710-1.1905, but the euro's sentiment is shifting more and more to the downside, which is signaled by the leading Marlin oscillator, further deeper into the negative trend zone.

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Data on sales of new homes in the US for the month of July will be released today, the forecast for which is optimistic at 787,000 against 776,000 in June. The Conference Board consumer confidence index for August will also be published, the forecast for which is 93.2 against 92.6 the month earlier. Perhaps the data will provide more optimism to the bears.

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The rising spike in price was limited by the resistance of the MACD line on the four-hour chart. Today we expect the price to drop to the lower border of the range to the 1.1710 area.

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