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18.02.202005:35 Forex Analysis & Reviews: Forecast for EUR/USD on February 18, 2020

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EUR/USD

Monday was quiet for the euro, since the United States had a public holiday. The price has gained some strength at the Fibonacci reaction level of 161.8% and today in the Asian session it is already deeper than yesterday's low. The immediate goal of the euro at 1.0745 is the underlying Fibonacci level of 200.0%. And since the embedded line of the blue price channel is already relatively close, we are waiting for the price to reach the second target level of 1.0680, formed by the reaction level of 223.6% and this line of the price channel. Probably, the 1.0650/80 range will be worked out, the lower boundary of which is formed by the reaction level of 238.2%.

On a four-hour chart, the signal line of the Marlin Oscillator is turning from the boundary with the growth territory. The trend on the main work schedules is completely bearish.

In addition, today, the ZEW Institute will release data on moods in business circles for the current month, the forecast is pessimistic: in Germany it is expected to decrease from 26.7 to 20.0-21.5 points, in the euro area a decrease from 25.6 to 21.3- 25.0 points.

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