Forecast for EUR/USD on July 23, 2021

EUR/USD

The European Central Bank's meeting from yesterday partially justified the expectations of investors - it was announced that the super-soft policy could last a little longer than planned due to the weak recovery and the new threat of the coronavirus. Our forecast came true in that on Thursday we expected increased volatility of the single currency - the trading range was 74 points.

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We expect increased volatility today as well, as the signal line of the Marlin oscillator on the daily chart has almost come close to the zero line and the market itself is tempted to go up from the technical framework. But the statistical likelihood of decisive growth is less, the main technical indicators are still bearish-dominant. The first target for the main scenario is 1.1705, the second target is 1.1640. If the price still manages to overcome the target level 1.1850 (Marlin will already be in the growth zone), then the growth may continue to the MACD line in the area of the target level 1.1925.

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The price made a false exit above the MACD line on the four-hour chart, this is a sign of a subsequent downward movement. The Marlin Oscillator is on the edge of growth territory. We are waiting for the price to drop to the first target at 1.1705.

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

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