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02.08.202106:08 Forex Analysis & Reviews: Forecast for EUR/USD on August 2, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

The euro fell 18 points last Friday, likely on partial closings since the start of the week, as trading volumes were above average.

On the daily scale chart, the price found the indicator line of the balance with rather strong resistance in the current situation, the decline reached the target level 1.1850.

Exchange Rates 02.08.2021 analysis

The signal line of the Marlin Oscillator is on the upper channel line. If this signal line returns to the channel, the previous exit will become false, and then the lower channel line may be reached, which will lead the euro to return to last month's high. Now this option seems unlikely, but for sustainable growth, investors still have to switch from risk aversion to risk buying, which means buying back the euro against positive US data and following the stock markets, if, of course, their growth continues. In this regard, today will be an indicative day. US construction spending is expected to rise 0.4% in June, while the July ISM Manufacturing PMI is expected to rise from 60.6 to 60.9. If on the positive data the euro shows growth, then overcoming the target level of 1.1925 will be a matter of the near future, and then the price will go to the target level of 1.2050 - to the low on May 13.

Exchange Rates 02.08.2021 analysis

On a four-hour scale chart, the price is above the indicator lines, the Marlin Oscillator begins to reverse from the zero line upward after the last session has been discharged. The upward trend is not broken.

Laurie Bailey
Analytical expert of InstaForex
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