Forecast for EUR/USD on March 5, 2021

EUR/USD

Yesterday, the euro (more precisely, the dollar) launched a decisive attack on bearish targets; the price reached the first one (1.1948) this morning, the next ones are not very far away: 1.1915 and 1.1865/81, the upper border of which is determined by the lower border of the local descending channel, and coincides with the October 21, 2020 high, and the lower border at the highs of certain dates on October. After getting the price to settle under 1.1865, we are waiting for the euro to reach 1.1760.

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The Marlin oscillator began to show a reversal when the price approached the level of 1.1948 on the four-hour chart. We do not expect a full-fledged convergence, since today's report on employment in the US and the like can put even more pressure on the European currency, but this is a sign that traders will not be active until the evening.

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

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