Forecast for EUR/USD on July 12, 2021

EUR/USD

Last Friday, the euro grew on strong recovery growth in equity markets, that is, on rising risk appetite - the S&P 500 gained 1.13% and set a new all-time record.

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But this is a correlation-corrective growth, its limit is seen at the target level of 1.1975 (high on June 25). The end of the correction can occur when the signal line of the Marlin oscillator touches the border of the growth area and reverses from it (red arrow), in this case the price will turn down before reaching its target level at 1.1975, approximately from the area of 1.1930. We can only talk about an upward reversal for the euro in the medium-term when the price rises above the MACD indicator line, beyond 1.2025.

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Last Friday, the price moved up from the support of the MACD line on the four-hour chart. Such a rebound may still support the growth within the main downward movement. The Marlin oscillator is growing without signs of a reversal. We are waiting for a signal for the reversal by today and tomorrow.

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

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