Forecast for EUR/USD on October 20, 2021

EUR/USD

Yesterday, the euro had enough fuse to reach the first "bullish" target - the MACD line on the daily scale. After testing this indicator line, the price rolled back, but the Marlin oscillator continues to grow steadily until now, having moved into the zone of positive values. Now the euro can take a break and take the exit with a consolidation above the MACD indicator line. The 1.1750 target will open.

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On the four-hour chart, the Marlin Oscillator sharply went down from the overbought zone, the price is approaching the support of the peaks on October 14 and 15, it is likely that an upward reversal will take place from this level or a consolidation will form on it with the aim of moving up. To change the growing trend to a falling one, the price must go under the MACD line, below the level of 1.1575.

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

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