10.07.202005:10 Forex Analysis & Reviews: Forecast for EUR/USD on July 10, 2020

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EUR/USD

The dollar began its offensive on a broad front on Thursday - other currencies, raw materials, and commodity markets declined relative to the dollar. The euro lost 45 points.

The Marlin oscillator is moving deeper into the negative zone on the daily chart, but the price is still above the balance line (red indicator) and above the target level of 1.1265. Formally, this is the intention of the price to work out the nearest support of 1.1195 and go even lower, that is, a reversal to achieve deeper goals (1.1090, 1.1010), but the probability of Marlin returning to the growth zone with a subsequent price movement to 1.1420 and forming a divergence also remains. The option for a further decline will come into effect after the price is pinned below the level of 1.1195, the option for an increase could start when the price overcomes the control level of 1.1315.

The reversal divergence has already formed on the four-hour chart, and the price going under the MACD line (1.1250) will also mean that the price is pinned at 1.1265. In this case, we are waiting for a decline to the first goal of 1.1195.

The price's exit above the signal level of 1.1325 opens an intermediate target of 1.1353, and consolidating above it will continue to grow to 1.1420.

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