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12.05.202004:52 Forex Analysis & Reviews: Forecast for EUR/USD on May 12, 2020

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EUR/USD

The euro fell by 32 points on Monday, visually showing a firm intention to begin a medium-term decline. A signal for this will be overcoming the May 7 low (1.0767), the immediate goal is to support the embedded line of the price channel in the region of 1.0590. The Marlin oscillator turned in front of the border with the growth territory. The price increase to the MACD line (1.0910) seems to be gone.

The price has consolidated under the MACD line on the four-hour chart, Marlin is in the negative trend zone, the situation is completely downward. Formally, you can open short positions from current levels, but the letter of the law of trading requires you to wait for the price to overcome the signal level of 1.0767. Up to this point, price fluctuations up to the resistance of the MACD line are possible, up to 1.0820. Also, stop loss can be set at this level or higher. Take profit before 1.0590.

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