Forecast for EUR/USD on August 10, 2021


Yesterday, the euro was down 25 points. There are 30 points left to the target level of 1.1705, but the euro is already showing signs of an upward reversal. On a daily scale, the Marlin Oscillator has penetrated into the downward trend zone; there is still a possibility of reaching the target level.


If we accept the version about yesterday's decline in counterdollar currencies due to a strong fall in gold, which fell 4.4% in the Asian session and closed the day by -1.89%, then its expected recovery today may prevent the euro from continuing to decline.

On a four-hour chart, the Marlin Oscillator is turning upward, forming a slight convergence with the price:


Now the euro is in the consolidated wandering zone - the lower border of this zone is defined by the target level of 1.1705, the upper border is formally the MACD line, but it is quite high, therefore, most likely, the euro's exit from such uncertainty will largely depend on the time factor, that is the market needs to wait about a day for the MACD line to go down. Consolidating above it will return the euro to growth. Settling below 1.1705 opens the target at 1.1640.

The material has been provided by InstaForex Company -

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