Forecast for EUR/USD on August 31, 2021

EUR/USD

The euro spent the whole Monday in consolidation, accumulating strength to overcome the important resistance at 1.1824/47. The euro will be helped by today's economic data from Europe and the United States. The unemployment rate in Germany in August is expected to decrease from 5.7% to 5.6%, the French GDP for the second quarter in the second estimate is expected to be unchanged at 0.9%, the consumer price index of the euro zone for August is expected to grow strongly from 2.2% yoy to 2.7% y/y. In Canada, GDP for June is forecast to grow by 0.7%, and in the US itself, the Chicago manufacturing PMI for August is expected to decline from 73.4 to 68.0 and consumer confidence may decline from 129.1 to 124.0.

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On the daily scale chart, the signal line of the Marlin oscillator lay on the horizon, into consolidation, the price finally broke above the balance indicator line. We are waiting for the price to move up.

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On the H4 chart, the Marlin Oscillator is also consolidating in the positive area, the price is gathering strength above both indicator lines.

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

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