Forecast for EUR/USD on August 3, 2020

EUR/USD

The euro fell 67 points last Friday, which formed a divergence with the Marlin oscillator on the daily chart. Apparently, this is the reversal of the single currency, which we have been waiting for several days. The nearest target for the euro is 1.1620. The second target is 1.1490 (March high), the third target is 1.1420 (May high).

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A double divergence has already formed on the 4-hour Marlin chart. The signal line of the oscillator is fixed on the territory of the bears. If the price moves under the MACD line (1.1740), it opens the way to a decline to the first target of 1.1620.

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