Forecast for EUR/USD on February 4, 2021

EUR/USD

The euro fell by 7 points on Wednesday, strengthening the corrective sign - continuing the formation of the price convergence with the Marlin oscillator. The development of the correction is seen towards the MACD line of the daily chart in the 1.2083 area. The convergence, however, is not completely ready yet, there is a possibility that the price could fall to 1.1980, but in this case the corrective growth will be higher.

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A small convergence has formed on the four-hour chart. But it increases the likelihood of the price rising to 1.2083 without further falling to 1.1980. The MACD line is also located at the target level for the correction at 1.2083, it strengthens the level, we expect the price to reverse into a new downward branch with overcoming 1.1980, that is, to 1.1915.

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

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