26.02.202405:01 Forex Analysis & Reviews: Forecast for EUR/USD on February 26, 2024

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EUR/USD

S&P500 set a new historical record on Friday. It tested the upper boundary of the global hyperchannel. Divergence has formed with the Marlin oscillator.

There may be a reversal in the index, or at the very least, a correction. At most, the movement will turn into a long-term downward trend, which will happen if the price surpasses the MACD line on the weekly chart, heading in the direction of the February 13 low (4919.80).

The reversal of the stock market signifies the decline of risk appetite, and along with it, the reversal of euro into a medium-term decline. On the daily chart, EUR/USD began to move down from the target level of 1.0825, with the Marlin oscillator also starting to reverse. The nearest target will be the level of 1.0724, the December 8 low.

The pair appears to be heading towards the MACD line (1.0795) on the four-hour chart. The Marlin oscillator, with its transition to the negative area, supports this scenario. If the pair manages to break through the support of the MACD line, euro will move towards 1.0724.

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